Originally Posted by
MickG0105
It's to get a ruling on whether the bondholders have a statutory right to put an alternative DOCA and, if they do, how that should be managed.
There has not been a specific ruling on that point yet. What Middleton J had previously noted was that section 439CA of the Corporations Act 2001 authorises creditors to approve a DOCA which is different from the one accompanying the notice of meeting.
The more significant point not yet addressed at all is whether an alternative DOCA can undo the administrator's decision to sell the business under section 437A. It will come down to dualling rights - does the creditors' right under 439CA to approve a DOCA that is different to the one proposed by the Administrator trump the Administrator's right under 437A to sell the company's business? It's not a trivial matter and goes to the Administrator's role and rights. 437A is pretty unambiguous.
There will be a lot of administrators paying very close attention to this hearing. If it doesn't go Deloitte's way there would have to be a very good chance that it will be appealed.
Thanks for taking the time Mick, appreciated.