2 Jul 2014
DOWNEY v HOLLAND [2015] NZHC 595
- Citation
- [2015] NZAR 574
- Court
- High Court
The Court recognised the Australian Part X proceeding as a foreign main proceeding and thereby acknowledged the automatic stay in art 20(1)(a) would ordinarily apply, but exercised its discretion under art 20(2) to permit HCL's proceedings to continue only insofar as they related to breach of fiduciary duty claims and imposed the condition that any relief recovered would exclude costs and disbursements, to avoid giving Australian creditors an advantage not available under the underpinning Australian regime and to limit prejudice to other creditors.