Wild (Foreign Representative) v Coin Co International PLC (Administrators Appointed); In the Matter of Coin Co International PLC (Administrators Appointed) [2015] FCA 354

Wild (Foreign Representative) v Coin Co International PLC (Administrators Appointed); In the Matter of Coin Co International PLC (Administrators Appointed) [2015] FCA 354

The UK administration satisfied the requirements for recognition because it was a UK insolvency proceeding under Sch B1 to the Insolvency Act 1986 (UK), the administrators were foreign representatives, the Art 15 evidentiary requirements were met, and the Federal Court had jurisdiction. The proceeding was a foreign main proceeding because the company's registered office and centre of main interests were in the UK. Relief entrusting Australian assets to Messrs Kerr and Marsden and giving them liquidator-equivalent powers was appropriate. However, the Court would not deem the Australian administration to have commenced on 27 November 2014 or on the recognition date because neither Art...

Jurisdiction
Australia
Judgment Date
16 April 2015
Procedural Posture
Application for Recognition of a Foreign Proceeding and Foreign Main Proceeding Under the Cross Border Insolvency Act 2008 (cth) and the Model Law on Cross Border Insolvency / Final Determination of Originating Process
Outcome
UK proceedings recognised as a foreign proceeding and foreign main proceeding; Australian representatives appointed and given liquidator-equivalent powers; application for a commencement-date order refused.
Legal Topics
['recognition of Foreign Proceeding' 'recognition of Foreign Main Proceeding' 'foreign Representatives' 'centre of Main Interests' 'relief Upon Recognition' 'administration and Realisation of Australian Assets' 'voidable Transactions' 'commencement Date of Administration in Australia']
['corporations' 'cross Border Insolvency'] ['recognition of Foreign Proceeding' 'recognition of Foreign Main Proceeding' 'foreign Representatives' 'centre of Main Interests' 'relief Upon Recognition' 'administration and Realisation of Australian Assets' 'voidable Transactions' 'commencement Date of Administration in Australia']

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Procedural Posture

Application for Recognition of a Foreign Proceeding and Foreign Main Proceeding Under the Cross Border Insolvency Act 2008 (cth) and the Model Law on Cross Border Insolvency / Final Determination of Originating Process

Legal Issues

  1. 1 ['Whether the UK administration of Coin Co International PLC should be recognised as a foreign proceeding under Art 17 of the Model Law.' "Whether the UK administration should be recognised as a foreign main proceeding on the basis that the company's centre of main interests was in the United Kingdom." "Whether David Kerr and Peter Marsden should be entrusted with the administration or realisation of the company's assets located in Australia." 'Whether the Australian representatives should have powers normally available to liquidators appointed under the Corporations Act 2001 (Cth).' "Whether the Court should make an order deeming the administration of the company's estate in Australia to have begun on 27 November 2014, or alternatively on the date of recognition, for purposes including s 513C or actions under Art 23 and Div 2 of Pt 5.7B of the Corporations Act 2001 (Cth)."]

Ratio Decidendi

The UK administration satisfied the requirements for recognition because it was a UK insolvency proceeding under Sch B1 to the Insolvency Act 1986 (UK), the administrators were foreign representatives, the Art 15 evidentiary requirements were met, and the Federal Court had jurisdiction. The proceeding was a foreign main proceeding because the company's registered office and centre of main interests were in the UK. Relief entrusting Australian assets to Messrs Kerr and Marsden and giving them liquidator-equivalent powers was appropriate. However, the Court would not deem the Australian administration to have commenced on 27 November 2014 or on the recognition date because neither Art...

Court Disposition

UK proceedings recognised as a foreign proceeding and foreign main proceeding; Australian representatives appointed and given liquidator-equivalent powers; application for a commencement-date order refused.

Orders

  • ['Pursuant to s 6 of the Cross-Border Insolvency Act 2008 (Cth) and cl 1 of Art 17 of the Model Law, the proceedings in the High Court of Justice of England and Wales (Chancery Division, Companies Court) No 8616 of 2014, in which the plaintiffs were appointed as joint and several administrators of the defendant on...