CORPORATIONS – Corporations Act (Cth) 2001 – Second plaintiff’s (Legend) entry into a Bond Deed and General Security Deed after the commencement by substantial creditors of a proceeding in the Supreme Court of Victoria for orders to enforce a Singapore arbitral award which the High Court of Singapore granted leave to enforce in the same manner as the judgment of that Court – Whether an uncommercial transaction – Section 588FB – Whether an insolvent transaction – Section 588FC – Whether a voidable transaction – Section 588FE(2)&(3) – Whether void as at the time when the Bond Deed and General Security Deed were made – Section 588FF(1)(h). CORPORATIONS – Whether the appointment of receiver of Legend’s shareholding is valid – Whether the appointment of a receiver or manager of Legend’s subsidiary is valid. CORPORATIONS – Whether Share Sale Agreement entered into by receiver consequent upon default under the Bond Deed and General Security Deed was an ‘act done for the purposes of giving effect to the transaction’? – Alternatively whether the Share Sale Agreement is void or unenforceable in any event. CORPORATIONS – Was the good faith defence available? – Section 588FG(2). INSOLVENCY – Was Legend insolvent at the time of entry into the Bond Deed and the General Security Deed or did it become insolvent by reason of such entry? – Section 95A – Section 585 with respect to a Part 5.7 body. CORPORATIONS – Should a foreign debt be considered a ‘debt’ for the purposes of assessing insolvency prior to an order being made under s 8(2) of the International Arbitration Act 1974 (Cth) enforcing the Singaporean arbitral award in Australia. CORPORATIONS – Corporations Act (Cth) 2001 – Winding up in insolvency or on just and equitable grounds – Section 459A – s 461(k).
