Federal Court of Australia
Federal Court of Australia
Nipps (Administrator) v Remagen Lend ADA Pty Ltd, in the matter of Adaman Resources Pty Ltd (Administrators Appointed) (No 4) [2021] FCA 644 File number: WAD 95 of 2021
Judgment of: BANKS-SMITH J
Date of judgment: 8 June 2021
Date of publication of reasons: 14 June 2021
Catchwords: CORPORATIONS - administration - application for modification of operation of s 443A under s 447A of the Corporations Act 2001 (Cth) and s 90-15 of the Insolvency Practice Schedule (Corporations) - where large and complex administration involving operating gold mine - where funding necessary to ensure that group of companies may pay debts and continue to trade during administration pending restructure and sale process - funding agreement secured - application to limit the liability of administrators under funding agreement to the extent property of the companies insufficient to satisfy debts and liabilities - where administrators not willing to incur personal liability for repayment of debts or satisfaction of liabilities arising under funding agreement - application granted CORPORATIONS – administration - application for directions under s 90‑15 of the Insolvency Practice Schedule (Corporations) as to whether the administrators would be justified in entering into the proposed funding agreement – where proposed funder is sole shareholder and possibly is secured creditor and security would apply to advances under the funding agreement - application granted
Legislation: Corporations Act 2001 (Cth) ss 439A, 443A, 443D, 447A Corporations Act 2001 (Cth) Sch 2, Insolvency Practice Schedule (Corporations) s 90-15
Cases cited: Hill, in the matter of Autocare Services Pty Ltd (administrators appointed) [2021] FCA 167 Nipps (Administrator) v Remagen Lend ADA Pty Ltd, in the matter of Adaman Resources Pty Ltd (Administrators Appointed) [2021] FCA 520 Nipps (Administrator) v Remagen Lend ADA Pty Ltd, in the matter of Adaman Resources Pty Ltd (Administrators Appointed) (No 2) [2021] FCA 577 In the matter of Octaviar Administration Pty Ltd (in liq) [2017] NSWSC 1556 Re Ansett Australia Ltd (No 3) [2002] FCA 90; (2002) 115 FCR 409 Re Unlockd Limited (administrators appointed) [2018] VSC 345 Strawbridge, in the matter of Virgin Australia Holdings Ltd (administrators appointed) (No 2) [2020] FCA 717
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