On 10 May and 24 June 2021, the Full Court of the Federal Court delivered unanimous judgments in Badenoch Integrated Logging Pty Ltd v Bryant, in which the Full Court held that the peak indebtedness rule does not apply in Australia. Our summary of the first of those judgments can be found here.
On the instructions of PwC (the liquidators of Gunns Ltd), JWS has now filed and served an application for special leave to appeal the judgments to the High Court of Australia.
Briefly stated, the grounds for the appeal include the following:
Undoubtedly, the insolvency profession will be watching the appeal closely. If you have any questions relating to the appeal, please feel free to contact Paul Buitendag, Pravin Aathreya, Ben Renfrey or any other member of the restructuring team at Johnson Winter & Slattery.
 Sutherland v Eurolinx Pty Ltd (2001) 37 ACSR 477 at 504 
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