Hur v Samsun Logix Corporation [2009] FCA 372

FEDERAL COURT OF AUSTRALIA

Hur v Samsun Logix Corporation [2009] FCA 372

CORPORATIONS – application underCross-Border Insolvency Act 2008 (Cth) – Korean insolvency proceeding recognised as a foreign proceeding and a foreign main proceeding pursuant to the Model Law on Cross-Border Insolvency contained in Schedule 1 to the Cross-Border Insolvency Act Cross-Border Insolvency Act 2009 (Cth), s 13, arts 2, 15, 16, 17, 20 and 21 of Schedule 1 Federal Court (Corporations) Rules 2000, r 15A.3, 15A.6, 15A.7 HYUN-CHUL HUR, IN HIS CAPACITY AS THE FOREIGN REPRESENTATIVE OF SAMSUN LOGIX CORPORATION v SAMSUN LOGIX CORPORATION

NSD 210 of 2009

JACOBSON J

17 APRIL 2009

SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 210 of 2009

BETWEEN: HYUN-CHUL HUR, IN HIS CAPACITY AS THE FOREIGN REPRESENTATIVE OF SAMSUN LOGIX CORPORATION

Plaintiff

AND: SAMSUN LOGIX CORPORATION

Defendant

JUDGE: JACOBSON J

DATE OF ORDER: 17 APRIL 2009

WHERE MADE: SYDNEY

THE COURT ORDERS THAT:

1. Pursuant to clause 1 of article 17 of Schedule 1 of the Cross-Border Insolvency Act 2008 (Cth) ("Act"), the proceeding in the Seoul Central District Court, 3rd Bankruptcy Division, Case 2009Hoehap 24, Rehabilitation ("Korean Proceeding"), by which the plaintiff was appointed receiver of the defendant on 6 March 2009, be and is hereby recognised as a foreign proceeding. 2. Pursuant to clause 2 of article 17 of Schedule 1 of the Act, the Korean Proceeding be and is hereby recognised as a foreign main proceeding. 3. Pursuant to article 21 of Schedule 1 of the Act, except with the leave of this court or the plaintiff's written consent: (a) No person may enforce a charge on the property of the defendant. (b) If: (i) property of the defendant is subject to a lien or pledge; and (ii) property of the defendant is in the lawful possession of the holder of the lien or pledge; then, the holder of the lien or pledge (iii) may continue to possess the property; and (iv) cannot sell the property or otherwise enforce the lien or pledge. (c) The owner or lessor of property that is used or occupied by, or in the possession of, the defendant, cannot take possession of the property or otherwise recover it. (d) A proceeding in any court against the defendant, or in relation to any of its property, cannot be begun or proceeded with. (e) No enforcement process in relation to property of the defendant can be begun or proceeded with. 4. In satisfaction of sub-rules (c) and (d) of Rule 15A.7(1) of the Federal Court (Corporations) Rules 2000, the plaintiff is directed to: (a) publish a notice of the making of this order in accordance with Form 21 in a daily newspaper circulating generally in Australia; and (b) send a notice of the making of this order in accordance with Form 21 to each Australian creditor of the defendant known to the plaintiff. 5. Liberty to any person to apply to the Court in respect of order 3. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. The text of entered orders can be located using the Federal Law Search on the Court's website.