Victory for BVI liquidators in Australian courts
In a recent Federal Court case in Australia (Global Tradewaves Ltd (GTL)  FCA 1127), liquidators appointed by the British Virgin Islands (BVI) court to GTL successfully obtained leave to examine a former director of GTL in relation to the company’s affairs and to compel him to produce certain company records.
The Australian Federal Court’s decision was an example of the application of the UNCITRAL Model Law on Cross-Border Insolvency (the Model Law). Legislation based on the Model Law has been enacted in more than 20 jurisdictions and was given force under Australian law by the Cross-Border Insolvency Act 2008. The aim of the Model Law is to make liquidation proceedings for multinational companies smoother and more efficient, thereby increasing legal certainty for international trade and investment. The law focuses on encouraging co-operation and co-ordination between jurisdictions…
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Decisions over the past 12 months will provide considerable comfort to those concerned about exposure to clawback action.
The High Court of England and Wales may refuse to exercise its discretion to wind up companies incorporated abroad where there would be little likelihood of the petitioners deriving benefit from the winding-up.