Fortress Credit Corporation (Australia) II Pty Limited & Anor v. William John Fletcher and Katherine Barnet as Liquidators of Octaviar Limited (Receiver and Managers Appointed) (In Liquidation) and Octaviar Administration Pty Limited & Ors

Lower Court Judgment

14/05/2014 Supreme Court of New South Wales (Court of Appeal) (Bathurst CJ, Beazley P, Macfarlan JA, Barrett JA and Gleeson JA)

[2014] NSWCA 148

Catchwords

Corporations law – Insolvency – Voidable transactions – Extension of time – Corporations Act 2001 (Cth) (“Act”) – First respondents were appointed liquidators of second and third respondents – Liquidators granted extension under s 588FF(3)(b) to make applications under s 588FF(1) (“shelf order”) – Liquidators brought proceedings seeking relief under s 588FF(1) against appellants with respect to certain transactions between appellants and second and third respondents – Liquidators sought to have shelf order reheard as against appellants and varied so extension of time for bringing claims applied to appellants – Appellants sought to have themselves excluded from operation of shelf order – Whether Court had power under s 588FF(3)(b) of Act to make order extending time for liquidator to make application under s 588FF(1), by reference to, or capable of comprehending, transactions that are neither known nor identified as possible subject of an application under s 588FF(1). 

Short Particulars