Fibria Celulose S/A v. Pan Ocean [2014] EWHC 2124 (Ch)

In a significant case regarding the application of the Cross Border Insolvency Regulations 2006 (“Regulations”), the English High Court decided it would not intervene to prevent termination of an English law contract for insolvency even though such termination was inoperative or invalid under the foreign law governing the insolvency.

In the recent decision of Pt Bayan Resources TBK v BCBC Singapore Pte Ltd [2014] WASCA 178, the Western Australian Court of Appeal unanimously found that the Rules of the Supreme Court 1971 (WA) (RSC) were valid insofar as they empower the Court to ‘freeze’ local assets ahead of a possible foreign judgment.

Introduction

Owen, in the Matter of RiverCity Motorway Pty Ltd (Administrators Appointed) (Receivers and Managers Appointed) (“RiverCity”) [2014] FCA 1008