The recent Federal Court of Australia (Court) decision Hird, in the matter of Allmine Group Limited (Administrators Appointed) (Receivers and Managers Appointed) [2013] FCA 748 involved an application for an extension to the convening period.

Facts

Pursuant to section 459A of the Corporations Act (the Act), a Court may order that an insolvent company be wound up in insolvency.  For such an order to be made, it is conventional practice that the applicant demonstrates insolvency at the date of filing the application and at the date of the hearing of the application.

The recent Federal Court of Australia decision in Yu v STX Pan Ocean Co Ltd (South Korea), in the matter of STX Pan Ocean Co Ltd (receivers appointed in South Korea) [2013] FCA 680, highlights that the Court will be reluctant to grant additional relief to a foreign representative under the Cross Border Insolvency Act 2008 (Cth) where the additional relief sought would adversely affect the rights of creditors.

Facts

Facts

The Product People Pty Ltd (TPP) was the manufacturer of various products. The Product People (International) Pty Ltd (TPPI) was a separate company that was licensed to market and sell those products throughout Australia and New Zealand. Box Seat Company Pty Ltd (Box Seat) generated business and managed clients in relation to those products for that region.

Legislation enabling the immediate liquidation of IBRC (formerly Anglo Irish Bank) was signed into law in the early hours of 7 February. Draft legislation was published on 6 February following media speculation that the Irish Government was preparing plans to liquidate IBRC and was promptly brought before both Houses of the Oireachtas (the Irish Parliament). The Minister for Finance stated that immediate action was necessary in order to prevent any action being taken which could have put IBRC’s assets at risk.