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ARTICLE · 14 JUNE 2024

Application Was Indirect Attempt To Enforce Foreign Revenue Debt

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Redefine Australian Investments Limited (Company), an Irish-registered company was placed in voluntary liquidation on 24 January 2018. Martin Ferris was appointed as the liquidator (Liquidator).

AustraliaTax
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Redefine Australian Investments Limited (Company), an Irish-registered company was placed in voluntary liquidation on 24 January 2018. Martin Ferris was appointed as the liquidator (Liquidator).

The Proceedings

By originating notice of motion, the Liquidator sought orders from the High Court (Court) under sections 604 and 608 of the Companies Act 2014 to reverse a transaction where the Company had paid GB£55,916,731 to the second respondent, Redefine Cyprus Limited (Redefine Cyprus), a Cyprus-registered company, on 18 September 2015. Redefine Cyprus was the Company's sole shareholder when it entered liquidation. The Liquidator claimed that this transaction was a fraud on the creditors in circumstances where the Australian Tax Office subsequently issued an assessment against the Company for more than AUS$29 million in capital gains tax, which, in light of the payment to Redefine Cyprus, the Liquidator was not in a position to discharge.

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