In the matter of Bluenergy Group Limited (subject to a Deed of Company Arrangement) (administrator appointed) [2015] NSWSC 977

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Bluenergy Group Limited (subject to a Deed of Company Arrangement) (administrator appointed) [2015] NSWSC 977 Hearing dates: 11 – 12 June, 17 June 2015 Decision date: 21 July 2015 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Declarations to be made that the Second Defendant's debt secured by its charge has been released by cl 3.2 of the DOCA and the Second Defendant is not a creditor in the Second Administration. Leave should be granted to the Plaintiffs to transfer Excluded Assets (as defined) to the Second Defendant, or otherwise sell those assets and account to the Second Defendant for the proceeds. Parties to bring in short minutes of order to give effect to this judgment, and as to costs. Catchwords: CORPORATIONS – voluntary administration – where deed of company arrangement did not prevent secured creditor from dealing with secured property unless it voted in favour of the deed – where secured creditor abstained from voting – where deed extinguished claims of creditors in terms similar to s 444D(1) of the Corporations Act 2001 (Cth) – where deed preserved security interests in terms similar to s 444D(2) of the Corporations Act 2001 (Cth) – whether secured creditor entitled to enforce security – application of ss 444D(1) and 444D(2) of the Corporations Act 2001 (Cth) to present and after-acquired property.

CORPORATIONS – voluntary administration – appointment of administrator under s 436C of the Corporations Act 2001 (Cth) – where person entitled to appoint administrator not a creditor of the company but entitled to 'realise' or 'deal with' security under s 444D(2) of the Corporations Act 2001 (Cth) – whether appointment of administrator is 'realising' or 'dealing with' security interest – whether ability to appoint administrator is preserved by s 444D(2) of the Corporations Act 2001 (Cth).