Kaso, in the matter of Speedpanel Australia Ltd (Administrators Appointed) (No 2)

Speedpanel Australia Ltd and its related entities Speedpanel (Vic) Pty Ltd and Speedpanel Corporate Services Pty Ltd, through their appointed administrators, sought an extension to the convening period for the second meeting of creditors. The application was before the Federal Court of Australia. The administrators argued that the extension was necessary to facilitate the sale of the businesses and to ensure that creditors had sufficient information to make informed decisions at the creditors' meeting. The administrators also sought an order that Part 5.3A of the Corporations Act 2001 would operate in relation to the companies as if the second meeting of creditors was required to be held within a certain period, despite the provisions of section 439A(2) of the Act.

The court considered the necessity of the extension and the potential impact on the creditors' ability to make informed decisions. The court noted that the administrators had acted diligently and in the best interests of the creditors by seeking to maximise the return to the creditors through the sale of the businesses. The court found that the extension was justified and that the operation of Part 5.3A of the Act should be adapted to accommodate the extended convening period. The court also considered the need for confidentiality in relation to certain documents and granted the application for restricted access.

The court made orders extending the convening period to and including 29 August 2017 and adapting the operation of Part 5.3A of the Act. The court also granted restricted access to certain annexures and ordered that the administrators' costs be costs in the administration of the companies. The court directed that notice of the orders be given to the creditors and granted liberty to apply to modify or discharge the orders.