Allen in his capacity as administrator of Walden Cloud Group Pty Ltd (Administrators Appointed), in the matter of Walden Cloud Group Pty Ltd (Administrators Appointed) [2021] FCA 97

Federal Court of Australia

Allen in his capacity as administrator of Walden Cloud Group Pty Ltd (Administrators Appointed), in the matter of Walden Cloud Group Pty Ltd (Administrators Appointed) [2021] FCA 97 File numbers: VID 700 of 2020 VID 58 of 2021

Judgment of: BEACH J

Date of judgment: 10 February 2021

Date of publication of reasons: 12 February 2021

Catchwords: CORPORATIONS – insolvency – voluntary administration – receivers appointed concerning trust assets – sale of property and business – order under s 442C(2)(c) of the Corporations Act 2001 (Cth) for disposal by administrators of encumbered property – operation of s 441A on the mortgagee – relevance of enforcement action by a predecessor in title – application by mortgagee for leave to enforce mortgage – competing sale of land proposals – leave granted under s 440B(2)(b) for mortgagee to exercise power of sale – application to restrain mortgagee sale of land – sale of business – rival deed of company arrangement proposed – undertaking concerning employee entitlements – order sought under s 447A seeking modification to operation of s 440B – application to restrain mortgagee sale refused

Legislation: Corporations Act 2001 (Cth) ss 440B, 441A, 442C, 447A Supreme Court Act 1986 (Vic) s 52 Transfer of Land Act 1958 (Vic) s 77

Cases cited: Australian Broadcasting Corporation v O'Neill (2006) 227 CLR 57 Beecham Group Ltd v Bristol Laboratories Pty Ltd (1968) 118 CLR 618 Forsyth v Blundell (1973) 129 CLR 477 Samsung Electronics Company Ltd v Apple Inc (2011) 217 FCR 238