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Cross border insolvency - know the limitations

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

Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Federal Court of Australia
When a ‘typo’ can set aside a statutory demand

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.

Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth