Prentice v Gore
[2010] FMCA 737
•23 September 2010
FEDERAL MAGISTRATES COURT OF AUSTRALIA
| PRENTICE v GORE | [2010] FMCA 737 |
| BANKRUPTCY – Application to extend time for holding meeting of creditors. |
| Bankruptcy Act 1966 (Cth), ss.33(1)(c) and 194(1) |
| Re Gowing & Anor; Ex parte Deputy Registrar in Bankruptcy (1986) 11 FCR 111 Application of Melvin Malcolm Posner [2007] FMCA 610 |
| Applicant: | MAXWELL PRENTICE |
| Respondent: | CRAIG KIRRIN GORE |
| File Number: | SYG 2076 of 2010 |
| Judgment of: | Raphael FM |
| Hearing date: | 23 September 2010 |
| Date of Last Submission: | 23 September 2010 |
| Delivered at: | Sydney |
| Delivered on: | 23 September 2010 |
REPRESENTATION
| Counsel for the Applicant: | Mr R Marshall |
| Solicitors for the Applicant: | Gillis Delaney |
ORDERS
Pursuant to s.33(1)(c) and s.194(1) of the Bankruptcy Act 1966 (Cth), the time for calling a meeting of creditors in the estate of Craig Kirrin Gore be extended until 18 November 2010.
| FEDERAL MAGISTRATES COURT OF AUSTRALIA AT SYDNEY |
SYG 2076 of 2010
| MAXWELL PRENTICE |
Applicant
And
| CRAIG KIRRIN GORE |
Respondent
REASONS FOR JUDGMENT
There comes before me today an application by Maxwell Prentice dated 22 September 2010 to extend the time for calling a meeting of creditors under s.194(1) of the Bankruptcy Act 1966 (the “Act”). Mr Prentice has deposed that, on 10 September 2010, he executed a consent to act as trustee of the debtor, Craig Kirrin Gore, pursuant to s.188 of the Act. In his annexure to his affidavit, he provides the Court with a copy of the certificate of appointment of the trustee from the Official Receiver on 13 September 2010. He states that Mr Gore has filed with him with a statement of affairs which indicates that by virtue of guarantees provided Mr Gore appears to be indebted in the sum of $480 million in respect of debts due to banks for property development and associated endeavours.
Mr Prentice deposes to the fact that the affairs of Mr Gore are complex and I accept the truth of that statement having glanced at the statement of affairs itself, which contains well over 100 pages. Section 194 of the Act provides that a creditors’ meeting shall be called not more than 25 working days after the relevant consent or approval was given unless that consent or approval was given in the month of December.
It is now accepted that a trustee may, in appropriate circumstances, apply to the Court for an extension of that time under s.33(1)(c); Re Gowing & Anor; Ex parte Deputy Registrar in Bankruptcy (1986) 11 FCR 111 at 112 per Beaumont J; Application of Melvin Malcolm Posner [2007] FMCA 610 per Lucev FM. Mr Prentice deposes to the fact that he believes it will take him until mid November to fully comprehend the affairs of Mr Gore and he requests that the Court extend the time within which he may call the meeting until 18 November 2010. Mr Prentice notes that there is an application by the Bendigo and Adelaide Bank Limited as a creditor for a sequestration order to be made against Mr Gore and that this matter has been adjourned in the Melbourne Federal Magistrates Court until 25 November 2010.
I am satisfied that, if the extension is granted, Mr Prentice will have enough information and will have provided the very substantial body of creditors with enough information to allow a decision to be made as to whether or not to accept an offer put by Mr Gore in resolution of his indebtedness by the payment of some $3 million. If that is not accepted then, no doubt, the petition will proceed and a sequestration order will be made. The order that the Court will make is that, pursuant to s.33(1)(c) and s.194(1) of the Act, the time for calling a meeting of creditors in the estate of Craig Kirrin Gore be extended until 18 November 2010.
I certify that the preceding four (4) paragraphs are a true copy of the reasons for judgment of Raphael FM
Date: 27 September 2010
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