Korda, in the matter of Ten Network Holdings Ltd (Administrators Appointed) (Receivers and Managers Appointed) [2017] FCA 914

FEDERAL COURT OF AUSTRALIA

Korda, in the matter of Ten Network Holdings Ltd (Administrators Appointed) (Receivers and Managers Appointed) [2017] FCA 914 File number: VID 768 of 2017

Judge: O'CALLAGHAN J

Date of judgment: 18 July 2017

Date of publication of reasons: 11 August 2017

Catchwords: CORPORATIONS – meeting of creditors – application by administrators for extension of convening period CORPORATIONS – communication with creditors – application by administrators for orders modifying the manner in which notice of second meeting of creditors and report in accordance with s 439A of the Corporations Act 2001 (Cth) to be given CORPORATIONS – appointment of administrators – where administrators engaged prior to appointment to prepare a contingency administration plan – whether pre-administration engagement gives rise to apprehension of conflict of interest

Legislation: Corporations Act 2001 (Cth), ss 420, 435A, 436A, 436DA, 439A(4), 439A(6), 447A Federal Court of Australia Act 1976 (Cth), s 37AF Corporations Amendment (Insolvency) Bill 2007 (Cth) Explanatory Memorandum to the Corporations Amendment (Insolvency) Bill 2007 (Cth)

Cases cited: Australian Securities and Investments Commission v Franklin (2014) 223 FCR 204 Advance Housing Pty Ltd (in liq) v Newcastle Classic Developments Pty Ltd (1994) 14 ACSR 230 Bank of Queensland Ltd v Ross Auto Auctions Pty Ltd [2015] QSC 347 Bovis Lend Lease Pty Ltd v Wily [2003] NSWSC 467; 45 ACSR 612 Carson, Re Hastie Group Ltd [2012] FCA 626 Commonwealth of Australia v Irving (1996) 65 FCR 291 Dixon, Re G. G. Engineering (Aust) Pty Ltd (Admins Apptd) [2017] FCA 365 Hughes v Receivers and Managers of Westgem Investments Pty Ltd (Receivers and Managers Appointed) (Administrator Appointed) (No 3) [2012] WASC 360 National Roads and Motorists' Association Ltd v Geeson [2001] NSWSC 832; 39 ACSR 401 Parbery, Re NewSat Limited (Administrators Appointed) (Receivers and Managers Appointed) [2015] FCA 435 Permanent Trustee Australia Ltd v Boulton & Lynjoe Pty Ltd (1994) 33 NSWLR 735 Re BBY Ltd [2015] NSWSC 974 Re Diamond Press Australia Pty Ltd [2001] NSWSC 313 Re Monarch Gold Mining Co Ltd; Ex parte Hughes [2008] WASC 201 Re New Horizons Corporation; Ex parte De Vries [2004] NSWSC 253 Re Obie Pty Ltd (in liq) (No 4) (1984) 8 ACLR 967 Re Pan Pharmaceuticals Ltd [2003] FCA 598; 46 ACSR 77 Re Recycling Holdings Pty Ltd [2015] NSWSC 1016; 107 ACSR 406 Re Riviera Group Pty Ltd (Administrators Appointed) (Receivers and Managers Appointed) [2009] NSWSC 585; 72 ACSR 352 Re West Australian Gem Explorers Pty Ltd (1994) 13 ACSR 104 Silvia, Re Austcorp Group Ltd (Administrators Appointed) [2009] FCA 636 Finch, Corporate Insolvency Law: Perspectives and Principles (2nd ed, Cambridge University Press, 2009) Howard and Hedger Restructuring Law and Practice (LexisNexis, 2013) Poulos and McCunn, "Pre-pack transactions in Australia" (2011) 19 Insolvency Law Journal 235 Wellard and Walton, "A Comparative Analysis of Anglo–Australian Pre–Packs: can the means be made to justify the ends?" (2012) 21(3) International Insolvency Review 143 Xie, Comparative Insolvency Law: The Pre-pack Approach in Corporate Rescue (Edward Elgar Publishing, 2016)