Corporations Case Law Update: 26 March 2012

In the recent Federal Court decision of Pink v MF Global UK Limited (In Special Administration) [2012] FCA 260, the court decided that pursuant to s 6 of the Cross-Border Insolvency Act 2008 (Cth) (the Act) and cl 1 of Article 17 of the Model Law, the proceeding in the High Court of Justice of England and Wales (Chancery Division, Companies Court) No 9527 of 2011 (the UK Proceeding), by which the Plaintiffs were appointed as joint special administrators of the Defendant on 31 October 2011, be recognised as a foreign proceeding.

Also, in the international arbitration case of Traxys Europe SA v Balaji Coke Industry Pvt Ltd (No 2) [2012] FCA 276, the issue was whether or not the enforcement of a foreign award was possible under s 8 of the International Arbitration Act 1974. The court decided in favour of Traxys Europe SA and held that such rewards may be enforced.

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