Successful outcomes for clients seeking to obtain winding up orders against foreign companies with local agents. The case summaries below, of Re Anagram International LLC (recs and mgrs apptd) [2025] VSC 267 and the earlier matter of W Capital Advisors Pty Ltd (in its capacity as trustee for the W Capital Advisors Fund) v Mawson Infrastructure Group, Inc (NSD1395/2024), provide guidance on how parties can best position themselves for success in these circumstances.
Relevant Law
The decision of the Federal Court inTrue North Copper Limited (Administrators Appointed) [2024] FCA 1329 demonstrates the exercise of the Court’s discretion in giving effect to the objects of Pt 5.3A of theCorporations Act 2001 (Cth), whilst offering protection to administrators against liabilities which may arise when making commercial decisions in the course of discharging their duties effectively.
Introduction
The landmark decision by the Judicial Committee of the Privy Council in Stevanovich v Richardson1provides authoritative guidance on the proper interpretation of “person aggrieved” under section 273 of the BVI Insolvency Act, which deals with standing to challenge a liquidator’s decision.
The much-anticipated UK Supreme Court decision in El-Husseiny and another v Invest Bank PSC [2025] UKSC 4 was released recently, providing much-needed clarity to creditors and officeholders about the application of section 423 Insolvency Act 1986 to transactions involving debtors and company structures. Creditors and officeholders alike will be pleased with this decision, as the Court determined that the language and purpose of section 423 are such that a ‘transaction’ is not confined to dealing with an asset owned by the debtor.
Matthew Czyzyk, Natalie Blanc, Natalie Raine and Emily Ma, Ropes & Gray
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
Mark Fine, Usman Khan and Sunay Radia, McDermott Will & Emery
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
Amar Meher, Addleshaw Goddard LLP
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
This is an Insight article, written by a selected partner as part of GRR's co-published content. Read more on Insight
Alexandros Kontogeorgiou and Georgia Papathanasiou, Kontogeorgiou Bakopanou & Associates Law Firm
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
Alexander Vogel and Marc Baumberger, MLL Legal
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
Gregg Galardi, Matthew Czyzyk, Natalie Blanc and Emily Ma, Ropes & Gray
This is an extract from the 2024 edition of GRR's the Americas Restructuring Review. The whole publication is available here.