Australian Securities & Investments Commission v Green Pacific Energy Limited ACN 004 119 304 [2007] FCA 1015

FEDERAL COURT OF AUSTRALIA

Australian Securities & Investments Commission v Green Pacific Energy Limited ACN 004 119 304 [2007] FCA 1015

CORPORATIONS – appointment of administrators – whether appropriate to appoint liquidator – convening of meeting of creditors under s 436E of the Corporations Act 2001 (Cth) Corporations Act 2001 (Cth), ss 436B, 436E, 439A, 447A, 468, 556(1)(dd) AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v GREEN PACIFIC ENERGY LIMITED ACN 004 119 304 AND ANOR QUD231 OF 2006

EMMETT J

24 MAY 2007

SYDNEY IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY QUD231 OF 2006

BETWEEN: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Plaintiff

AND: GREEN PACIFIC ENERGY LIMITED ACN 004 119 304

First Defendant

GREEN PACIFIC ENERGY CAPITAL PTY LTD

ACN 106 553 691

Second Defendant

JUDGE: EMMETT J

DATE OF ORDER: 24 MAY 2007

WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. Orders pursuant to s 436B(2) of the Corporations Act 2001 (Cth) (the Act)that Gregory Winfield Hall, the Liquidator of the First and Second Defendant, have leave to appoint himself, together with Philip Patrick Carter, as the administrators to the First and Second Defendant under s 436B(2) of the Act. 2. Orders pursuant to s 447A of the Act that the operation of Part 5.3A of the Act as it affects any administration of the First and Second Defendant of which the Applicant and Mr Carter become administrators in exercise of the leave granted by Order (1) be altered as follows:

2.1.1 the first meeting of creditors in the administration under s 436E be dispensed with; and

2.1.2 notwithstanding s 439A(2), the administrators may convene the meeting under s 439A during the convening period, at the earliest convenient date, as long as the period of notice stipulated in s 439A(3) is complied with.