With the rising popularity of alternative dispute resolution globally (including in insolvency related cases), it is important to take stock of where the Cayman Islands currently stands (as a leading jurisdiction in cross-border insolvency and restructuring) on the use of mediation in this context.
Terminating DoCA's (Part 2) – Unfair Prejudice or Injustice
Canstruct Pty Limited v Project Sea Dragon Pty Limited (No. 4) [2024] FCA 112 ("Canstruct")1
Commissioner of State Revenue v McCabe (No. 2) [2024] FCA 662 ("McCabe")
Academy Construction & Development Pty Limited [2024] NSWSC 808 ("Academy Construction")
Introduction and Brief Facts
The Kuala Lumpur High Court recently dismissed an application for a judicial management order and in its decision introduced procedural safeguards to prevent the abuse of the judicial management process.
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.
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.