The Court made orders under s 447A of the Corporations Act relieving joint and several administrators of personal liability under s 443A in respect of a deed of novation and variation of a funding agreement entered into during administration, and gave directions under s 90-15 of the Insolvency Practice Schedule that the administrators were justified in causing the company to enter into the deed. The Court was satisfied the funding was necessary to provide working capital for the administration, fund care and maintenance of a mine, and preserve the sales campaign, and confirmed that such orders can be made in respect of a loan agreement already entered into.
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