Park, In the matter of IG Power (Callide) Pty Ltd (Administrators Appointed) (No 5)

The administrators of IG Power (Callide) Ltd and three related companies applied to the Federal Court for relief from personal liability in respect of certain agreements and an extension of the convening period for a second meeting of creditors. The applications were made in the context of complex and contentious voluntary administrations involving significant interests in the Callide Power Stations. The administrators sought to limit their liability under a second amended funding deed and a proposed services agreement, and to extend the convening period for a second meeting of creditors to 31 March 2025.

The court considered whether the administrators' liabilities under the funding deed and the services agreement were incurred in the performance of their functions, and therefore should be considered debts of the companies rather than personal liabilities of the administrators. The court also had to decide whether the extension of the convening period was necessary to facilitate the proper administration of the companies. In granting the applications, the court found that the administrators' liabilities were indeed incurred in the performance of their functions, and that the extension of the convening period was necessary to allow for the proper administration of the companies.

The court made orders relieving the administrators from personal liability under the funding deed and the services agreement, and extending the convening period for a second meeting of creditors to 31 March 2025. The court also made confidentiality orders in relation to certain exhibits and submissions, and ordered that the administrators' costs of the application be paid out of the assets of the companies. The administrators were granted liberty to apply for further relief on one business day's notice.