Caddy, in the matter of Khaled El-Sheikh Pty Ltd (Administrators Appointed)

The Administrators of Khaled El-Sheikh Pty Ltd applied for an extension of the convening period for the second to fifth meetings of creditors, to allow for the sale of the business. The application was made in the Federal Court of Australia. The Administrators sought an extension to allow for the sale of the business, which would enable them to make an informed recommendation to the creditors about the future of the companies. The court was required to decide whether the extension of the convening period was appropriate, considering the potential benefits of the sale to the creditors.

The court granted the application for an extension of the convening period. The court found that the extension would allow the Administrators to make an informed recommendation to the creditors about the future of the companies, which would be in the best interests of the creditors. The court noted that the Administrators had already taken steps to advertise the business for sale and had received interest from potential buyers. The court also noted that the extension would not cause any prejudice to the creditors and would allow for a more informed decision to be made at the creditors' meetings. The court further found that the Administrators were justified in entering into a funding agreement with Westpac Banking Corporation to provide funding for the business during the extension period.

The court ordered that the convening period for the second to fifth meetings of creditors be extended to 22 August 2022. The court also ordered that the Administrators be indemnified for any liabilities arising from the funding agreement. The court further ordered that the Administrators inform the creditors of the orders and that any person with sufficient interest could apply to vary or discharge the orders. The Administrators were also granted liberty to apply for further extensions of the convening period before 22 August 2022. The Administrators' costs of and incidental to the application were ordered to be paid out of the property of the companies.