In the matter of The Natural Grocery Company Pty Ltd (subject to deed of company arrangement) [2020] NSWSC 572

Supreme Court New South Wales

Medium Neutral Citation: In the matter of The Natural Grocery Company Pty Ltd (subject to deed of company arrangement) [2020] NSWSC 572 Hearing dates: 23 April 2020 Date of orders: 23 April 2020 Decision date: 23 April 2020 Jurisdiction: Equity - Corporations List Before: Black J Decision: Leave granted for deed administrator to sell leasehold interests that are secured by the Respondent. Deed administrator not to deal with sale proceeds absent Respondent's consent or substantive court determination. Catchwords: CORPORATIONS - voluntary administration - application by administrators for leave to deal with secured property – where secured party neither consents nor opposes leave being granted – where secured party's interests are protected by amounts held exceeding value of secured property – where proceeds of sale are to be held pending determination of dispute between secured party and deed administrator. Legislation Cited: - Corporations Act 2001 (Cth), ss 51A, 51F, 442C, 447C(2)(c) - Personal Property Security Act 2009 (Cth), s 12 - Real Property Act 1900 (NSW), s 74MA - Supreme Court (Corporations) Rules 1999 (NSW) Cases Cited: - Luxtown Pty Ltd (admins apptd) [2019] FCA 1861 - Re Bluenergy Group Ltd (subject to a deed of company arrangement) (admins apptd) (2015) 107 ACR 373 Category: Procedural and other rulings Parties: Trumps Pty Ltd (Plaintiff/Respondent) The Natural Grocery Company Pty Ltd (subject to deed of company arrangement) (Defendant) Timothy James Cook (Deed Administrator of Defendant Company) (Applicant) Representation: Counsel: Mr S. Monks (Plaintiff/Respondent) Mr J Hynes (Applicant)