Sharp, as Trustee in Bankruptcy of SK Foods LP [2012] FCA 737

Sharp, as Trustee in Bankruptcy of SK Foods LP [2012] FCA 737

Because the United States is a prescribed country, three letters of request were received from a United States Bankruptcy Court in external administration matters relating to the insolvency of SK Foods LP, and SK Foods LP was a body corporate under Californian law, ss 581(2) and 581(3) of the Corporations Act 2001 (Cth) were enlivened. It was therefore appropriate to recognise the SKPM Receiver Order, the Fast Falcon Receiver Order and the SS Farms Receiver Order, recognise Mr Greeley's appointment as receiver of the described assets, vest possession and control of those assets in him, and confer the powers granted by the United States Bankruptcy Court.

Jurisdiction
Australia
Judgment Date
06 June 2012
Procedural Posture
Application Under Corporations Act 2001 (cth) S 581 for Aid in External Administration Matters and Recognition of United States Bankruptcy Court Receiver Orders. / Final Orders After Hearing on 4 and 6 June 2012.
Outcome
Orders made recognising the three United States Bankruptcy Court receiver orders and Mr Greeley's appointment as receiver of the relevant assets, vesting possession and control of the receivership estates in him, authorising stated powers and remittance of surplus to the United States of America, and granting leave...
Legal Topics
['external Administration Matters' 'recognition of Foreign Bankruptcy Court Orders' 'letters of Request' 'receivership Estate' 'chapter 11 Bankruptcy']
['corporations Law' 'insolvency' 'private International Law'] ['external Administration Matters' 'recognition of Foreign Bankruptcy Court Orders' 'letters of Request' 'receivership Estate' 'chapter 11 Bankruptcy']

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Procedural Posture

Application Under Corporations Act 2001 (cth) S 581 for Aid in External Administration Matters and Recognition of United States Bankruptcy Court Receiver Orders. / Final Orders After Hearing on 4 and 6 June 2012.

Legal Issues

  1. 1 ["Whether the Federal Court's powers under Corporations Act 2001 (Cth) ss 581(2) and 581(3) were enlivened by letters of request from the United States Bankruptcy Court." 'Whether SK Foods LP was a body corporate and the adversary proceedings were matters relating to its insolvency.' "Whether the SKPM Receiver Order, Fast Falcon Receiver Order and SS Farms Receiver Order, and Mr Greeley's appointment as receiver of the relevant assets, should be recognised in Australia."]

Ratio Decidendi

Because the United States is a prescribed country, three letters of request were received from a United States Bankruptcy Court in external administration matters relating to the insolvency of SK Foods LP, and SK Foods LP was a body corporate under Californian law, ss 581(2) and 581(3) of the Corporations Act 2001 (Cth) were enlivened. It was therefore appropriate to recognise the SKPM Receiver Order, the Fast Falcon Receiver Order and the SS Farms Receiver Order, recognise Mr Greeley's appointment as receiver of the described assets, vest possession and control of those assets in him, and confer the powers granted by the United States Bankruptcy Court.

Court Disposition

Orders made recognising the three United States Bankruptcy Court receiver orders and Mr Greeley's appointment as receiver of the relevant assets, vesting possession and control of the receivership estates in him, authorising stated powers and remittance of surplus to the United States of America, and granting leave...

Orders

  • ['The SKPM Receiver Order made by the United States Bankruptcy Court, Eastern District of California, on 6 March 2012 in Adversary Proceedings No 11-2337-D was recognised.' 'The appointment of the Receiver over the SKPM Receivership Estate was recognised, and the Receivership Estate together with possession and...