Legal Insights
Can an administrator ‘re-do’ a second meeting of creditors?
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15 December 2022
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1 min read
In the matter of Mediacloud Pty Ltd (Administrators Appointed) [2021] NSWSC 357 the New South Wales Supreme Court demonstrated its wide discretionary power. The decision extended the period of administration of a company to avoid it being automatically wound up for failing to execute a deed of company arrangement within the required time. This, in effect, permitted the administrators to ‘re-do’ a second meeting of creditors, enabling the creditors to decide the company’s future again.
The decision serves as a useful reminder that the court has sufficiently broad discretionary powers under s 447A of the Corporations Act 2001 (Cth) (Act) and s 90-15 of the Insolvency Practice Schedule (Corporations) to make orders as to how Part 5.3A of the Act is to operate during a period of voluntary administration. This is provided any such orders are consistent with the objects set out in s 435A of the Act.
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