In the matter of Orbis Commodities Pty Ltd (administrators appointed) (receiver and manager appointed) [2021] NSWSC 1172

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Orbis Commodities Pty Ltd (administrators appointed) (receiver and manager appointed) [2021] NSWSC 1172 Hearing dates: 25, 26 August 2021 Date of orders: 26 August 2021 Decision date: 26 August 2021 Jurisdiction: Equity - Corporations List Before: Rees J Decision: Adjournment of second meeting of creditors extended. Catchwords: CORPORATIONS – third application to extend adjournment of second creditors meeting – s447A Corporations Act, s90-15 IPS – principles at [28]-[30] – companies have interest in foreign land – DOCA proposal by secured creditor unappealing – foreign government wishes to put forward DOCA – this DOCA may pay all creditors in full with surplus – delays due to government decision-making processes – two extensions already granted – extension granted for third and, likely final, time. Legislation Cited: Corporations Act 2001 (Cth) Pt 5.3A; ss 439A, 447A; sch 2, s 90-15 Cases Cited: In the matter of Collective Olive Groves Ltd [2009] FCA 177 In the matter of NewSat Ltd [2015] FCA 435 In the matter of Palace Memories Pty Ltd (administrator appointed) [2015] NSWSC 56 In the matter of Renex Holdings (Dandenong) 1 Pty Ltd (administrators appointed) [2015] NSWSC 2002 In the matter of Riviera Group Pty Ltd [2009] NSWSC 585; (2009) 72 ACSR 352 Mighty River International Ltd v Hughes (2018) 265 CLR 480; [2018] HCA 38 Category: Principal judgment Parties: Richard Albarran and Kathleen Elizabeth Vouris in their capacity as administrators of Orbis Commodities Pty Limited (administrators appointed) (receiver and manager appointed) (First Plaintiff) Richard Albarran and Kathleen Elizabeth Vouris in their capacity as administrators of Pacific Investment Holding Pty Limited (administrators appointed) (receiver and manager appointed) (Second Plaintiff) Orbis Commodities Pty Limited (administrators appointed) (receiver and manager appointed) (Third Plaintiff) Pacific Investment Holding Pty Limited (administrators appointed) (receiver and manager appointed) (Fourth Plaintiff) Patrick Wong (Creditor) Overseas Shipping and Trading Investment Pty Limited (Creditor) Representation: Counsel: Mr A Gandar (Plaintiffs) Mr JT Johnson (Creditors)