Lewis Gentry, Barrister, will discuss the decision in Adelaide Brighton Cement Limited v Concrete Supply Pty Ltd (Subject to Deed of Company Agreement) (No 4) [2019] FCA 1846, where the Federal Court terminated a deed of company arrangement after findings relating to the sufficiency of administrators' investigations.

The case raises material issues for all insolvency practitioners including the sufficiency of information required to support an opinion in the report to creditors, when the convening period ought to be extended as opposed to proceeding to a second meeting, and the use of a casting vote when there is division between the numerical majority of creditors and the majority in value.

The nature of the findings in this decision concerning the investigations required during an administration seem to place additional positive obligations on administrators which, on one view of it, may not be in line with the existing understanding and interpretation of the law relating to this issue.

Date

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Piper Alderman
16/70 Franklin Street
Adelaide SA 5000

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$62 member & subscribers, $77 non-member (GST inc.)  

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