FEDERAL COURT OF AUSTRALIA

Murakami, in the matter of Murakami [2011] FCA 844

REASONS FOR JUDGMENT

1    On a previous occasion, I concluded that the bankruptcy proceedings commenced in Japan in this matter should be recognised, subject only to ensuring that appropriate notice had been given to creditors. The evidence discloses that the applicant, who is the trustee in Japan, is aware of certain Australian creditors and has communicated with them. He has subsequently advertised appropriately. In those circumstances, I am satisfied to make an order recognising the relevant proceedings pursuant to the Cross-Border Insolvency Act 2008 (Cth) and the Model Law on Cross-Border Insolvency.

2    A question then arises as to how the trustee should deal with the property. It seems to me to be appropriate that he be entrusted, pursuant to Art 21, with the distribution of the relevant debtor’s assets and estate, namely, the property described as Lot 99 on BUP 106856 in the county of Ward, Parish of Gilston. He proposes to seek transmission pursuant to s 115 of the Land Title Act 1994 (Qld). This seems appropriate. I am satisfied that the interests of creditors of the estate, within Australia are adequately protected, and that the relevant asset should be administered in the Japanese bankruptcy proceedings.

3    I shall order accordingly.

Associate:

Dated:    7 September 2011