Alasko Holdings Pty Ltd, Re [2003] QSC 167

IsoosJ QSC 1 67 State Reporting Bureau Queensland Government Department of justice and Attorney-General Transcript of Proceedings Copyright in this transcript is vested in the Crown. Copies thereof must not be made or sold without the written authority of the Director, State Reporting Bureau. REVISED COPIES ISSUED State Reporting Bureau Date: 15 May, 2003 SUPREME COURT OF QUEENSLAND CIVIL JURISDICTION JONES J Application No 215 of 2003 IN THE MATTER OF THE CORPORATIONS ACT 2001 and IN THE MATTER OF ALASKO HOLDINGS PTY LTD (ADMINISTRATOR APPOINTED) ACN 070 106 517 CAIRNS ..DATE 12/05/2003 JUDGMENT WARNING: The publication of information or details likely to lead to the identification of persons in some proceedings is a criminal offence. This is so particularly in relation to the identification of children who are involved in criminal proceedings or proceedings fo their protection under the Child Protection Act 1999, and complainants in criminal sexual offences, but is not limited to those categories. You may wish to seek legal advice before giving others access to the details of any person named in these proceedings. 1 4th Floor, The Law Courts, George Street, Brisbane, Q. 4000 Telephone: (07) 3247 4360 Fax: (07) 3247 5532 -- 1 of 2 -- 12052003 D.1 Tl/JFG M/T CNS2/2003 (Jones J) HIS HONOUR: The applicant is the administrator appointed to administer the company Alasko Holdings Pty Ltd, which carries on business as a truck body and trailer manufacturing business as well as an engineering workshop and a road haulage business. Following the appointment of the administrator a meeting of creditors was held on the 27th of April 2003. On the 8th of May 2003, a proposal for a deed of company arrangement was put forward. The administrator has had insufficient time since then to consider the effectiveness of the proposal and to take advice as to the likely acceptance of that proposal. The administrator seeks an extension of time for the convening of the second creditors' meeting which is prescribed by section 439A of the Corporations Act to be 21 days. The extension of time sought is for 60 days and that rather long period of extension is sought because of the complex nature of the business and the overlapping securities that are held in respect to a number of the major items of property. For there to be any shorter time, it is argued that it would simply increase the expense of perhaps having to apply for further extensions in the future. In all those circumstances, I am satisfied that an extension is necessary so that proper consideration can be given to the deed of company arrangement and I will make orders in terms of the draft initialled by me and placed with the papers. 2 JUDGMENT -- 2 of 2 --