where application for adjournment of winding up refused
Quick Take
1Where both elements of the comparison between a deed of company arrangement and liquidation are so uncertain as to render the comparison without utility, the voluntary administrators cannot discharge their onus under s 440A(2) of establishing that adjournment is in creditors' interests.
2Where voluntary administrators' investigations are further advanced at the time of the adjournment application, more information is required to justify adjournment than at an earlier stage; the lateness of the application, particularly where administrators were appointed shortly before the winding up hearing, is a relevant factor weighing against adjournment.
3The plaintiff's choice of liquidator will generally be given effect unless there is reason to order otherwise; on the facts, the benefit of appointing a liquidator in whom a major creditor had confidence outweighed the risk of duplication of work already done by the voluntary administrators.
Case Details
Citation[2025] NSWSC 1507
CourtNSWSC
JurisdictionNew South Wales
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