McCann v Mawson Restructures and Workouts Pty Ltd, in the matter of Walton Construction (Qld) Pty Ltd (In Liq) [2016] FCA 1152

FEDERAL COURT OF AUSTRALIA

McCann v Mawson Restructures and Workouts Pty Ltd, in the matter of Walton Construction (Qld) Pty Ltd (In Liq) [2016] FCA 1152 File numbers: QUD 691 of 2016

Judge: EDELMAN J

Date of judgment: 23 September 2016

Catchwords: CORPORATIONS – liquidator's application for extension of time under s 588FF(3) of Corporations Act 2001 (Cth) – whether appropriate to grant extension and if so for how long – relevant considerations – role of merits of prospective claims

Legislation: Corporations Act 2001 (Cth) ss 588FA(1)(b), 588FB(1), 588FE(2), 588FF(1), 588FF(3), 588FF(3)(b)

Cases cited: Australian Securities and Investment Commission v Franklin (liquidator), in the matter of Walton Construction Pty Ltd (in liq) [2014] FCA 68 Australian Securities and Investments Commission v Franklin (liquidator), in the matter of Walton Constructions Pty Ltd [2014] FCAFC 85; (2014) 223 FCR 204 BP Australia Ltd v Brown [2003] NSWCA 216; (2003) 58 NSWLR 322 Fortress Credit Corporation (Australia) II Pty Ltd v Fletcher [2015] HCA 10; (2015) 254 CLR 489 Fortress Credit Corporation (Australia) Pty Ltd v Fletcher [2014] NSWCA 148; (2014) 87 NSWLR 728 Green v Chiswell Furniture Pty Ltd (in liq) [1999] NSWSC 608 Walker v CBA Corporate Services (NSW) Pty Ltd [2012] FCA 328; (2012) 88 ACSR 153

Date of hearing: 23 September 2016

Registry: Queensland

Division: General Division

National Practice Area: Commercial and Corporations

Sub-area: Corporations and Corporate Insolvency