In the matter of Cyprus Community of N.S.W. Limited [2025] NSWSC 87

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Cyprus Community of N.S.W. Limited [2025] NSWSC 87 Hearing dates: 18 February 2025 Date of orders: 18 February 2025 Decision date: 18 February 2025 Jurisdiction: Equity - Corporations List Before: Nixon J Decision: See [35] Catchwords: CORPORATIONS – management and administration – orders sought for modification of operation of Corporations Act s 443A for limitation of administrators' liability in respect of relevant borrowings – whether the funding arrangement is in the interests of the company's creditors CORPORATIONS – charges, debentures and other borrowings – security interests – registration – extension of time – where the security agreements creating the security interests are to be entered on a date after the appointment of administrators – whether it is necessary to make an order under s 588FM – whether, in the absence of intermediate appellate authority determining this issue, it is just and equitable to make an order under s 588FM Legislation Cited: Corporation Act 2001 (Cth), s 437A, s 443A, s 443D, s 443E, s 443F, s 447A, s 588FL, s 588FM, Part 5.3A Cases Cited: Cathro, in the matter of Cubic Interiors NSW Pty Ltd (in liq) [2023] FCA 694 In the matter of Antqip Hire Pty Ltd (in liq) [2021] NSWSC 1122 In the matter of Cyprus Community of NSW Ltd [2024] NSWSC 1629 In the matter of RCR Tomlinson Ltd (administrators appointed) & Ors [2018] NSWSC 1859 Mentha, in the matter of Griffin Coal Mining Company Pty Ltd (administrators appointed) [2010] FCA 1469 Revroof Pty Ltd (receivers and managers appointed) (administrators appointed) v Taminga Street Investments Pty Ltd [2023] FCA 543 Secatore, in the matter of Fletcher Jones and Staff Pty Ltd (Administrators Appointed) [2011] FCA 1493 Category: Principal judgment Parties: David Anthony Kennedy and Morgan John Kelly in their capacity as joint and several administrators of Cyprus Community of N.S.W. Limited (First Plaintiff) Cyprus Community of N.S.W. Limited (Second Plaintiff) Cyprus Capital Limited (First Respondent) Cussen and Michael Billingsley in their capacity as joint and several receivers and managers of Cyprus Community of NSW Ltd (Second Respondent) Provident Homes Pty Ltd (Third Respondent) Representation: Counsel: M A Izzo SC with A P F Ryan (Applicants) S Scott (Second Respondent)