CORPORATIONS – application under s 447A(1) and 443B(8) and s 90-15 of Schedule 2 – Insolvency Practice Schedule (Corporations) of the Corporations Act 2001 (Cth) to modify operation of the five-business day period in s 443B(2) and s 443B(3) of the Act – principles governing the exercise of power under s 447A(1) and s 90-15 to exclude administrators’ personal liability under s 443A(1)(c) and s 443B(2), excuse liability under s 443B(8) and extend time to give notice to owner or lessor under s 443B(3) – where significant number of leases and counterparties and complex corporate group structure and operations affecting leases – whether five-business days insufficient for administrators, exercising appropriate diligence, to form a view as to whether company should exercise rights in relation to leased property – whether personal liability of administrators should be excluded to extended date – whether time to give notice that the company does not propose to exercise rights in relation to leased property should be extended – whether modification of the operation of s 443B in the interests of creditors as a whole – whether interests of persons prejudiced by modification are protected by terms of orders
Original article available at: https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2023/2023fca1673
For more information, see the original judgement.
