IE CA 3 Holdings Ltd and IE CA 4 Holdings Ltd
(Companies) were two Canadian registered companies whose directors
were located outside of Canada. The Companies' parent company,
Iris Energy Limited (Iris), was listed on NASDAQ and had its
registered office in Melbourne and principal place of business in
Sydney, with three of its six directors located in New South
Wales.
In November 2022, the Companies defaulted on certain payment
obligations. After failed attempts at restructuring, the Supreme
Court of British Columbia (BC Supreme Court)
appointed receivers over the Companies' property
(Canadian Receivers).
The BC Supreme Court authorised the Canadian Receivers to assign
the Companies into a Canadian bankruptcy process, giving the
Canadian Receivers enhanced investigative powers. The BC Supreme
Court, in December 2023, allowed an application for the Canadian
Receivers to examine the Companies' directors and CFO with time
limitations, but did not give permission
