Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Tucker (Administrator), in the matter of True North Copper Limited (Administrators Appointed) [2024] FCA 1329 File number: WAD 331 of 2024
Judgment of: BANKS-SMITH J
Date of judgment: 13 November 2024
Date of publication of reasons: 18 November 2024
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 holding company of a group of entities - where funding necessary to ensure that group of companies may pay debts and continue to trade during administration pending dual-track sale and recapitalisation process - funding agreement secured - application to limit the liability of administrators under funding agreement to the extent cash and assets of the companies insufficient to satisfy debts and liabilities - where not appropriate that administrators 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 were justified in entering into the proposed funding agreement - where proposed funder is existing major secured creditor - funding agreement limited to liabilities, costs and expenses incurred by administrators and encountered in undertaking sale process - application granted
Legislation: Corporations Act 2001 (Cth) ss 435A, 443A, 443D, 443F, 447A, Part 5.3A, Schedule 2 (Insolvency Practice Schedule (Corporations)) ss 1-1, 90-15
Cases cited: Cameron Hugh Shaw as joint and several administrator of GN Construction (Aust) Pty Ltd (administrators appointed), Ikonstrukt Pty Ltd (administrators appointed), Main Administration Services Pty Ltd (administrators appointed) (No 2) [2024] WASC 190 Freeman, in the matter of Regional Express Holdings Limited (administrators appointed) (No 2) [2024] FCA 968 Hill, in the matter of Autocare Services Pty Ltd (administrators appointed) [2021] FCA 167 In the matter of Ansett Australia Limited and Korda [2002] FCA 90; (2002) 115 FCR 409 In the matter of Octaviar Administration Pty Ltd (in liq) [2017] NSWSC 1556 Kelly (administrator), in the matter of Lutum Holdings Pty Ltd (administrators appointed) [2024] FCA 554 Nipps (Administrator) v Remagen Lend ADA Pty Ltd, in the matter of Adaman Resources Pty Ltd (Administrators Appointed) (No 4) [2021] FCA 644 Park, in the matter of IG Power (Callide) Ltd (Administrators Appointed) (No 2) [2024] FCA 1244 Re Unlockd Ltd (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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