A recent decision of the Commercial Sheriff Court at Perth in the case of Priority Construction UK Limited v Advanced Material Processing Limited, reported at [2024] SC PER 48, has confirmed the position in relation to the proper basis for liquidation petitions to be brought against debtor companies. The moral of this story is that liquidation petitions should not be used to try to recover a validly disputed debt - something that all creditors and practitioners should be alert to.
The facts
BACKGROUND
In a recent decision, the High Court refused to grant the Financial Times access to the whole of the Secretary of State's affirmation in support of directors' disqualification proceedings against Alexander Greensill, pursuant to either CPR 5.4C or the court's inherent jurisdiction.
2024 Any questions?
IE CA 3 Holdings Ltd and IE CA 4 Holdings Ltd (Companies) were two Canadian registered companies whose directors were located outside of Canada. The Companies’ parent company, Iris Energy Limited (Iris), was listed on NASDAQ and had its registered office in Melbourne and principal place of business in Sydney, with three of its six directors located in New South Wales.
Il 27 settembre 2024 è stato pubblicato in Gazzetta Ufficiale il D.Lgs. 13 settembre 2024, n. 136 (“Correttivo-ter”), è il terzo – e attualmente ultimo – Decreto Correttivo al Codice della Crisi d’Impresa e dell’Insolvenza. Il novello decreto correttivo ha apportato modificazioni sostanziali a numerosi istituti del Codice della Crisi.
On September 27, 2024, Legislative Decree No. 136 of September 13, 2024 (“Correttivo-ter”) was published in the Official Gazette. This represents the third—and currently final—Corrective Decree to the Business Crisis and Insolvency Code. The new corrective decree has introduced substantial amendments to several provisions of the Crisis Code. Beyond minor stylistic and detailed adjustments, the Correttivo-ter both incorporates certain practices or clarifies interpretive uncertainties and introduces some highly anticipated innovations for practitioners.
Deeds of Company Arrangement – Insured Claims
Destination Brisbane Consortium Integrated Resort Operations Pty Ltd as Trustee v PCA (Qld) Pty Ltd (subject to a Deed of Company Arrangement) [2024] QSC 178 ("Destination Brisbane")
In Destination Brisbane two questions, which concerned the entitlements of insured creditors under a DoCA, arose for consideration in the context of an application for judicial advice:
On 20 November 2024, the UK Supreme Court delivered its judgment in the case of Kireeva v Bedzhamov1. The court ruled that a Russian bankruptcy trustee has no claim over a bankrupt's property in Belgrave Square on the basis that the court has no jurisdiction to assist a foreign bankruptcy trustee in respect of immovable property located in England and Wales and that such property is unaffected by a foreign bankruptcy order. This decision reaffirms the immovables rule, which (subject to exceptions) protects immovable property such as land from foreign bankruptcy claims.