Iris Energy Ltd v PricewaterhouseCoopers Inc in its capacity as foreign representative of IE CA 3 Holdings Ltd [2024] FCA 1297

Iris Energy Ltd v PricewaterhouseCoopers Inc in its capacity as foreign representative of IE CA 3 Holdings Ltd [2024] FCA 1297

The stay sought by Iris Energy Ltd is premature and too broad, as adequate remedies exist for an examinee upon service of a summons and potential prejudice is outweighed by the public interest and entitlement of the trustee. No sufficient prejudice is demonstrated to justify granting a stay pending appeal.

Parties
Applicant: Iris Energy Ltd; First Respondent: PricewaterhouseCoopers Inc in its capacity as foreign representative of IE CA 3 Holdings Ltd and IE CA 4 Holdings Ltd; Second Respondent: IE CA 3 Holdings Ltd; Third Respondent: IE CA 4 Holdings Ltd
Jurisdiction
Australia
Judgment Date
11 November 2024
Procedural Posture
Interlocutory Application for Stay Pending Appeal / Dismissal of Stay Pending Appeal Application
Outcome
Application for stay dismissed; costs reserved.
Legal Topics
Stay of Proceedings, Recognition of Foreign Bankruptcies, Examination of Officers, Abuse of Process, Model Law Application
Insolvency Corporations Law Cross Border Insolvency Stay of Proceedings Recognition of Foreign Bankruptcies Examination of Officers Abuse of Process Model Law Application

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Parties

Iris Energy Ltd

Applicant

PricewaterhouseCoopers Inc in its capacity as foreign representative of IE CA 3 Holdings Ltd and IE CA 4 Holdings Ltd

First Respondent

IE CA 3 Holdings Ltd

Second Respondent

IE CA 4 Holdings Ltd

Third Respondent

Procedural Posture

Interlocutory Application for Stay Pending Appeal / Dismissal of Stay Pending Appeal Application

Legal Issues

  1. 1 Whether orders granting examination powers under Model Law should be stayed pending appeal
  2. 2 Whether applicant would suffer prejudice absent a stay
  3. 3 Whether appeal raises genuine and reasonable grounds

Ratio Decidendi

The stay sought by Iris Energy Ltd is premature and too broad, as adequate remedies exist for an examinee upon service of a summons and potential prejudice is outweighed by the public interest and entitlement of the trustee. No sufficient prejudice is demonstrated to justify granting a stay pending appeal.

Court Disposition

Application for stay dismissed; costs reserved.

Orders

  • The applicant's interlocutory application for a stay of orders 6, 7 and 13 made in the primary proceeding pending determination of the application for leave to appeal and any appeal if leave be granted be dismissed.
  • The costs be reserved.