Treset Pty Ltd v South Pelagic Holdings Pty Ltd (receivers and managers appointed) (administrators appointed), in the matter of South Pelagic Holdings Pty Ltd (receivers and managers appointed) (administrators appointed) [2020] FCA 187

FEDERAL COURT OF AUSTRALIA

Treset Pty Ltd v South Pelagic Holdings Pty Ltd (receivers and managers appointed) (administrators appointed), in the matter of South Pelagic Holdings Pty Ltd (receivers and managers appointed) (administrators appointed) [2020] FCA 187 File number(s): NSD 1819 of 2019

Judge(s): FARRELL J

Date of judgment: 24 February 2020

Date of publication of reasons: 28 February 2020

Catchwords: CORPORATIONS – application for adjournment of a winding up application – where defendant company has not conducted business since 2015 – where receivers and managers appointed by secured creditor less than three months before winding up application was filed – where administrator appointed to defendant company after first return date of winding up application – where grounds of opposition to winding up did not assert that the company was solvent – where a deed of company arrangement proposed by majority shareholder and majority unsecured creditor – where administrator seeks adjournment of winding up application to allow creditors to vote on the proposed deed of company arrangement at the second meeting of creditors – where the Court not satisfied that continuation of the administration, rather than winding up, is in the interests of the company's creditors – application dismissed

Legislation: Corporations Act 2001 (Cth) ss 438B(5) and 440(2)

Cases cited: Creevey v Deputy Commission of Taxation (1996) 19 ACSR 456 Deputy Commissioner of Taxation v Bradley Keeling Management Pty Ltd [2003] NSWSC 47; 44 ACSR 377 Deputy Commissioner of Taxation v Fyna Constructions (Hire & Sales) Pty Ltd (administrators appointed) [2019] FCA 578 Deputy Commission of Taxation v KJ Consulting Pty Ltd (administrators appointed) [2005] FCA 1827 In the matter of Offshore and Ocean Engineering Pty Ltd [2012] NSWSC 1296 Waste Recycling and Processing Services of NSW v Local Government Recycling Co-Operative Ltd [1999] NSWSC 507; 32 ACSR 194