Borrelli (Liquidator) v Orthogonal Trading Ltd (in liq) (a company registered in the British Virgin Islands) [2023] FCA 393

Federal Court of Australia

Borrelli (Liquidator) v Orthogonal Trading Ltd (in liq) (a company registered in the British Virgin Islands) [2023] FCA 393 File number(s): NSD 265 of 2023

Judgment of: JACKMAN J

Date of judgment: 21 April 2023

Catchwords: BANKRUPTCY AND INSOLVENCY – application for recognition of foreign main proceeding and foreign representatives – where the defendant has been put into liquidation by the Eastern Caribbean Supreme Court of the British Virgin Islands – presumption of centre of main interests not rebutted – nature of stay arising pursuant to Article 20 of the UNCITRAL Model Law on Cross-Border Insolvency

Legislation: Corporations Act 2001 (Cth) Pt 5.4B, ss 416, 601CL, Sch 2 Cross-Border Insolvency Act 2008 (Cth) ss 10, 16, Sch 1 (UNCITRAL Model Law on Cross-Border Insolvency), Arts 2, 4, 6, 15, 16, 17, 20, 21 Federal Court (Corporations) Rules 2000 (Cth) r 15A.3, 15A.6, 15A.7 Insolvency Act 2003 (BVI) Pt VI, s 162 Investment Business (Approved Managers) Regulations 2012 (BVI) Securities and Investment Business Act 2010 (BVI)

Cases cited: Akers v Deputy Commissioner of Taxation (2014) 223 FCR 8 Buccaneer Energy Ltd v Buccaneer Energy Ltd [2014] FCA 711 Damberg v Damberg (2001) NSWLR 492 De'ath (Liquidator) v Digital Fuel Marketing (in administration) [2022] FCA 470 Frege in his capacity as foreign representative of Greensill Bank AG v Greensill Bank AG (No 2) [2021] FCA 510 Kapila, in the matter of Edelsten (2014) 320 ALR 506 Neilson v Overseas Projects Corporation of Victoria Ltd (2005) 223 CLR 331 Nicholls v Michael Wilson and Partners (2010) 243 FLR 177 Senvion GmbH (No 2) (2019) 140 ACSR 20 Tai-Soo Suk v Hanjin Shipping Co Ltd [2016] FCA 1404 Wood v Astra Resources Ltd [2016] FCA 1192