T-S Capital Partners LLC v Paltar Petroleum Limited (administrators appointed), in the matter of Paltar Petroleum Limited (No 1) [2019] FCA 635

FEDERAL COURT OF AUSTRALIA

T-S Capital Partners LLC v Paltar Petroleum Limited (administrators appointed), in the matter of Paltar Petroleum Limited (No 1) [2019] FCA 635 File number: NSD 1745 of 2018

Judge: STEWART J

Date of judgment: 3 May 2019

Date of publication of reasons: 10 May 2019

Catchwords: CORPORATIONS – winding up – period for determination of winding up application prescribed by s 459R of the Corporations Act 2001 (Cth) – where period expired prior to hearing – no application for extension of time within period PRACTICE AND PROCEDURE – whether under the slip rule, r 39.05(h) of the Federal Court Rules 2011 (Cth), the Court has power to amend its orders nunc pro tunc to extend time under s 459R of the Corporations Act 2001 (Cth) – oversight by legal representatives to seek order –whether as a matter of discretion the Court should so amend its order – interlocutory application granted CORPORATIONS – interlocutory application for an adjournment of a winding up application under s 440A(2) of the Corporations Act 2001 (Cth) – where the Court must be satisfied that the granting of the adjournment is in the interests of the company's creditors – insufficient evidence to satisfy the Court that an adjournment is in the creditors' interests – interlocutory application dismissed CORPORATIONS – application to adjourn winding up proceedings under s 467 of the Corporations Act 2001 (Cth) – whether available to enable further investigations – whether realistic prospect of recovery – no sufficient basis to adjourn – interlocutory application dismissed

Legislation: Corporations Act 2001 (Cth) ss 95A, 440A, 459A, 459P, 459R, 467(1) and 588G Federal Court Rules 2011 (Cth) r 39.05 Federal Court Rules 1979 (Cth) Bankruptcy Act 1966 (Cth) s 52 Petroleum Act 1984 (NT)