Insolvency practitioners beware: Court denies application to extend convening period

Introduction Australian insolvency practitioners have long considered that the Court will take a liberal approach to granting an extension to the period in which the second meeting of creditors must be convened under section 439A(6) of the Corporations Act 2001 (Cth) (the Act). Indeed, there is ample case law where courts have granted extensions to the convening period, with some extensions even being granted “on the papers”.