In the matter of Morgan Kelly and David Kennedy in their capacity as joint and several voluntary liquidators of Man AHL Gold (AUD) Limited (in liquidation) and Man AHL Diversified (AUD) Limited (in liquidation) [2025] NSWSC 71

Parties

Procedural Posture

Application for Recognition of Foreign Liquidation Under the Model Law / Judgment on Application

Legal Issues

1. 1 Whether the Cook Islands liquidations should be recognised as foreign main proceedings under the Model Law on Cross-Border Insolvency
2. 2 Whether the applicants satisfy the requirements for recognition as foreign representatives
3. 3 Whether the administration and realisation of company assets in Australia should be entrusted to the applicants

Ratio Decidendi

The Cook Islands liquidations are collective foreign proceedings meeting the criteria of the Model Law and the COMI is in the Cook Islands. The applicants are foreign representatives and entitled to recognition, there are no contrary considerations, and relief under art 21 should be granted, enabling administration of assets in Australia.

Court Disposition

Application granted

Orders

• The Cook Islands liquidations are recognised as foreign main proceedings for the purposes of the Model Law.
• Administration and realisation of the Companies’ assets in Australia is entrusted to the applicants as foreign representatives.