Debis Financial Services (Aust) Pty Ltd v Allied Bellambi Collieries Pty Ltd [1999] NSWSC 935

Reported Decision : [1999] 17 ACLC 1636

New South Wales Supreme Court CITATION : Debis Financial Services (Aust) Pty Ltd v Allied Bellambi Collieries Pty Ltd [1999] NSWSC 935 CURRENT JURISDICTION : Equity FILE NUMBER(S) : 3669/99 HEARING DATE(S) : 1, 2, 7, 9 & 10 September 1999 JUDGMENT DATE : 10 September 1999

Debis Financial Services (Australia) Pty Limited (P) Allied Bellambi Collieries Pty Limited (Receivers Appointed) (Voluntary Administrator Appointed) (D1) PARTIES : Sandwork Pty Limited (Voluntary Administrator Appointed) (D2) Q Mining Systems Pty Limited (Voluntary Administrators Appointed) (D3) Gregory James Robertson in his capacity as Administrator of Allied Bellambi Collieries Pty Limited & Sandwork Pty Limited (Voluntary Administrator Appointed) (D4) JUDGMENT OF : Hamilton J

B A Coles QC, I S White and Miss M Wilson (solicitor) (P) COUNSEL : R S Angyal (D1, 2 & 4) No appearance (D3) Clayton Utz (P) SOLICITORS : Andersen Legal (D1, 2 & 4) No appearance (D3) CATCHWORDS : CORPORATIONS [182] - Voluntary administration - Protection of company property - Secured creditor - Application under s 441D to limit powers of chargee where enforcement action commenced before administration - Relevant considerations - Adequate protection of chargee's interest - Meaning. ACTS CITED : Corporations Law ss 440B, 440D, 441B, 441D Brian Rochford (admin apptd) Ltd v Textile Clothing & Footwear Union of NSW (1998) 30 ACSR 38 Foxcraft v The Ink Group Pty Ltd (1994) 15 ACSR 203; 12 ACLC 1063 CASES CITED : Hamilton v National Australia Bank Ltd (1996) 66 FCR 12 J & B Records Ltd v Brashs Pty Ltd (1995) 36 NSWLR 172 P Crutchfield, Corporate Voluntary Administration Law (2nd ed, 1997) DECISION : Application to limit chargee's rights during short remaining duration of administration granted.