In the matter of AWA Limited (Administrators Appointed) (Receivers and Managers Appointed) ACN 111 674 661 [2014] NSWSC 249

Supreme Court New South Wales

Medium Neutral Citation: In the matter of AWA Limited (Administrators Appointed) (Receivers and Managers Appointed) ACN 111 674 661 [2014] NSWSC 249 Hearing dates: Friday 7 March 2014 Decision date: 18 March 2014 Jurisdiction: Equity Division - Corporations List Before: Brereton J Decision: Order that administrators would be justified in entering into proposed transaction with commercial lender to raise funds to pay out secured creditor and retire receivers. Catchwords: CORPORATIONS - external administration - voluntary administration - orders modifying application of Part 5.3A under s 447A - where administrators propose to enter into transaction with commercial lender to raise funds to pay out secured creditor and retire receivers - whether order required to make administrators personally liable and have indemnity and lien in respect of repayment of money borrowed - held, not necessary in light of s 447A(1)(d) - whether judicial advice should be given where no question of law procedure or propriety - held, advice given. Legislation Cited: Corporations Act 2001, s 443A, s 443D, s 447A, s 447D Corporations Amendments (Insolvency) Act 2007 Cases Cited: Re Ansett Australia Limited (No 1) [2001] FCA 1806; (2001) 115 FCR 376; 40 ACSR 389 Re Ansett Australia Limited and Korda [2002] FCA 90; (2002) 115 FCR 409; 40 ACSR 433 Re One-Tel Networks Holdings Pty Ltd [2001] NSWSC 1065; (2001) 40 ACSR 83 Re Spyglass Management Group Pty Ltd [2004] FCA 1469; (2004) 51 ACSR 432 Sanderson v Classic Car Insurances Pty Limited (1985) 10 ACLR 115 Category: Principal judgment Parties: Philip Patrick Carter, Daniel Austin Walley & Alan Lee Walker (plaintiffs) Roderick Mackay Sutherland & Andrew John Spring (receivers) Representation: Counsel: Mr D Sulan w Mr A Hochroth (plaintiffs) Mr J O'Connor (receivers) Solicitors: Johnson Winter & Slattery (plaintiffs) Eakin McCaffery Cox Lawyers (receivers) File Number(s): 14/ 73276