In the matter of Surfstitch Group Limited (admins apptd); In the matter of Surfstitch Holdings Pty Limited (admins apptd) [2017] NSWSC 1827

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Surfstitch Group Limited (admins apptd); In the matter of Surfstitch Holdings Pty Limited (admins apptd) [2017] NSWSC 1827 Hearing dates: 11 December 2017 Decision date: 11 December 2017 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Court makes orders extending the convening period within which the First Plaintiffs must convene the second meeting of creditors of SurfStitch Group Limited (Administrators Appointed) and SurfStitch Holdings Pty Limited (Administrators Appointed) from 21 December 2017 to 31 March 2018. Catchwords: CORPORATIONS — Winding up — Conduct of liquidation — Meeting of creditors – Application for extension of convening period for second meeting of creditors – where extension would allow more advantageous recapitalisation proposals to be obtained – where extension would allow resolution of dispute as to contingent litigation creditors' entitlement to vote at meeting or settlement of the litigation. Legislation Cited: - Corporations Act 2001 (Cth), ss 439A, 1605 - Insolvency Law Reform Act 2016 (Cth), Sch 2 Cases Cited: - Hayes, in the matter of Dick Smith Holdings Ltd (admins apptd) (recs and mgrs apptd) [2016] FCA 24 - Park, in the matter of Surfstitch Group Ltd [2017] FCA 1221 - Re Belmont Sportsmans Club Co-Operative Ltd (admins apptd) [2015] NSWSC 543 - Re Riviera Group Pty Ltd (admins apptd) (recs and mgrs apptd) [2009] NSWSC 585; (2009) 72 ACSR 352 - Re TEN Network Holdings Ltd (admins apptd) (recs and mgrs apptd) [2017] NSWSC 1247 Category: Principal judgment Parties: John Richard Park, Quentin James Olde and Joseph Ronald Hansell in their capacity as joint and several administrators of Surfstitch Group Limited (admins apptd) and Surfstitch Holdings Pty Limited (admins apptd) (First Plaintiffs) Surfstitch Holdings Pty Limited (admins apptd) (Second Plaintiff) Representation: Counsel: M Izzo/J Granger (Plaintiffs)