In the Matter of Meares Nominees Pty Ltd (In Liq)

The matter before the Court was an application by the liquidators of Meares Nominees Pty Ltd for an extension of time to bring claims against various persons and entities under sections 588FE and 588FF of the Corporations Act 2001 (Cth). The primary issue before the Court was whether the discretion to extend the period for bringing such claims was engaged and, if so, whether the requested extension should be granted. The Court needed to consider the principles guiding the exercise of its discretion, including the reasons for the delay in bringing the claims and whether the delay was excusable.

The Court found that the liquidators had not adequately justified the delay in bringing the claims. Although they had taken some preliminary steps to investigate the company's financial position, they had not pursued relevant individuals with vigour. The Court held that the discretion to extend the time for bringing the claims was engaged, but it was not satisfied that the delay was excusable. However, considering the complexity of the case and the need for thorough investigation, the Court granted the extension up to 31 March 2014. The Court also ordered that the liquidators' costs of and incidental to their originating process be costs in the winding up of the company.