Bankrupt Aussie Outfit Octaviar Seeks Ch. 15

Law360, New York (August 13, 2012, 9:08 PM EDT) -- A unit of failed Australian conglomerate Octaviar Ltd. sought recognition of its liquidation proceedings in New York bankruptcy court Monday as the subsidiary's caretakers extended their search for assets in the hope of finding funds for creditors owed more than $100 million.

The stewards of Octaviar Administration Pty Ltd. initiated a Chapter 15 petition to gain recognition as a foreign main proceeding under the Bankruptcy Code and standing to proceed in U.S. courts if any litigious assets did arise.

At its height, Octaviar conglomerate consisted of...
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