MSI (Holdings) Pty Ltd (Receivers Appointed) (in Liquidation) ACN 120 419 409 (MSI) against Mainstreet International Group Limited (Mainstreet) ACN 120 747 124.

The appeal was brought by the Receivers, who sought to recover a debt for the secured creditor once a liquidator had been appointed to MSI.

The Court of Appeal handed down the decision recently in favour of MSI.

Facts of the case

Quite often we are asked to advise upon issues that arise in the context of creditor’s meetings. The following is a summary of commonly asked questions and commentary on the legal position, including a discussion of recent cases that have looked at each issue.

1. Can a 2nd creditor’s meeting be extended beyond the 45 day statutory period?

The Full Court of the Federal Court of Australia recently affirmed the decision of Justice Barker in disallowing Mr Oswal, the director of Burrup Holdings Limited (BHL) and Burrup Fertilisers Pty Ltd (Receivers and Managers Appointed) (BFPL) access to certain books and records of the companies.

An exposure draft of the long anticipated Insolvency Law Reform Bill 2013 has been released for public comment. The Bill aims to:  

The Federal Court in Lucas, in the matter of Queensland Maintenance Services Pty Ltd (in liq) (Receivers and Managers appointed [2012] FCA 1451, has held that voluntary liquidators (previously administrators) applying to wind the company up in insolvency and be appointed as liquidators did not create ‘cause’ for disqualifying them from appointment by their dealings with the Australian Taxation Office (ATO), the largest creditor of the company.