What will be, will be

selciper   [So, what exactly does this High Court ruling mean for the future of this case?]

[Yesterday the High Court overturned the Court of Appeal decision finding that
the second extension order made by the Supreme Court was invalid and thus
the proceedings against the defendants were commenced out of time.
The High Court held that Rule 36.16(2)(b) of the Uniform Civil Procedure Rules
did not permit the Court to make an order extending the time for bringing voidable transaction
proceedings if that application for extension was made after the time limit prescribed
by section 588FF(3)(b) of the Corporations Act.]

However, the same section does a U-turn:

[The High Court also handed down its judgment yesterday in the related proceedings of Fortress Credit Corporation (Australia) II Pty Ltd & Anor v William John Fletcher and Katherine Barnet as Liquidators of Octaviar Limited (Receiver and Managers Appointed) (In Liquidation) and Octaviar Administration Pty Ltd & Ors [2015] HCA 10. In that decision the High Court found that a court may make an extension order pursuant to section 588FF(3)(b) without identifying particular transactions to which the extension order is to apply, thus allowing transactions that were unidentified at the time of the making of the extension order to be the subject of subsequent voidable transaction proceedings.]
(comment:   PIF still has a grip on some pennies here)

And there you have it folks; pay attention to your Application Timings!
PIF did not catch on in time, imho!

Cheers,