In the matter of Nexus Energy Ltd [2014] NSWSC 1041

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Nexus Energy Ltd [2014] NSWSC 1041 Hearing dates: 27 June 2014 Decision date: 27 June 2014 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Orders made in accordance with proposed short minutes of order of administrators. Liberty reserved to any interested person to apply upon 72 hours' notice to first plaintiffs Catchwords: CORPORATIONS - voluntary administration - application by administrators for directions under Corporations Act 2001 (Cth) s 447D - where relevant company and its subsidiaries have amounts of monies that are overdue or immediately due - whether administrators would be justified in procuring the company to enter into, and draw down under, a facility agreement - whether administrators would be justified in procuring the company to lend monies to subsidiaries under relevant intercompany loan agreements.

CORPORATIONS - management and administration - orders sought for modification of operation of Corporations Act s 443A for limitation of company's and administrators' personal liability in respect of relevant borrowings - whether interests of company's creditors best served by administrators' actions - whether creditors of company are prejudiced or disadvantaged by orders sought.

CORPORATIONS - management and administration - meetings - application for extension of convening period for second meeting of creditors - whether extension in best interest of company's creditors - whether prejudice caused to any party. Legislation Cited: - Corporations Act 2001 (Cth) ss 439A, 443A, 447A, 447D Cases Cited: - Mann v Abruzzi Sports Club Ltd (1994) 12 ACSR 611 - Mentha Re Griffin Coal Mining Co Pty Ltd (admin apptd) [2010] FCA 1469; (2010) 82 ACSR 142 - Re Ansett Australia Ltd and Korda (No 3) [2002] FCA 90; (2002) 115 FCR 409 - Re Green [2011] NSWSC 417; (2011) 254 FLR 324 - Re Riviera Group Pty Ltd (admins apptd) (recs & mgrs apptd) [2009] NSWSC 585; (2009) 72 ACSR 352 - Re Systems Advisers Group Pty Ltd (admin apptd) [2013] NSWSC 826 Category: Interlocutory applications Parties: Matthew Jason Caddy, Anthony Gregory McGrath and Jason Preston in their capacity as joint and several administrators of Nexus Energy Ltd (administrators appointed) (First Plaintiffs) Nexus Energy Ltd (administrators appointed) (Second Plaintiff) Representation: Counsel: E A Collins SC (Plaintiffs) Solicitors: Clayton Utz (Plaintiffs) File Number(s): 2014/190983