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 companys 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…
Read the full article at: https://www.maddocks.com.au/insights/can-an-administrator-re-do-a-second-meeting-of-creditors