Wight, in the matter of Responsible Entity Services Ltd (Administrators Appointed)

Responsible Entity Services Ltd (RES) was in voluntary administration, with the First Plaintiffs appointed as administrators. The administrators sought an extension of the convening period for the second meeting of creditors and additional powers to facilitate the administration process. The Court was required to determine whether the extension and additional powers were justified given the complexity of the administration and the need for further investigations and a sale process to determine the company's future. The Court found that the complexity of the administration and the need for further investigation and sale process justified the extension of the convening period and the granting of additional powers. The Court noted the administrators' efforts to ensure the creditors were kept informed and their intention to provide a comprehensive report to the creditors before the second meeting. The Court was satisfied that the administrators would act in the best interests of the creditors and the company as a whole.

The Court granted the administrators' application for an extension of the convening period for the second meeting of creditors to 11:59pm AEST on 5 August 2024. The Court also granted the administrators additional powers to convene and hold the second meeting at any time during the extended period or within five business days after the end of the convening period, provided that notice was given to the creditors in accordance with the Insolvency Practice Rules. The Court further ordered that the administrators must provide notice of the second meeting to the creditors and investors by means of a circular, published on the administrators' website and sent by email or post to all known creditors and investors. The Court also suppressed certain parts of the administrators' submissions and affidavits relating to the proposed restructure of Pleasure Point Mine Pty Ltd and the potential restructure of RES, and ordered that certain documents be marked confidential on the Court's file. The Court granted liberty to apply to discharge or modify these orders and ordered that the administrators' costs of the application be costs in the administration of RES.