IE CA 3 Holdings Limited and IE CA 4 Holdings Limited

Receivership

^{Page last updated: November 18, 2024}

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

Status Update as at November 18, 2024

On October 31, 2024, Iris Energy Limited served their intention to appeal the judgment handed down by Justice Markovic on October 18, 2024, recognizing IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd.'s Canadian Bankruptcy Proceedings as a Foreign Proceeding and a Foreign Main Proceeding in Australia.

Iris Energy's application sought a stay of proceedings ("the Stay Application") with respect of various elements of the Foreign Recognition Order until such a time the appeal could be heard. A hearing for the Stay Application was scheduled on November 7, 2024 in Sydney, Australia.

On November 11, 2024, Justice Stewart dismissed the Stay Application. A copy of the Order and reasons can be found in the "Foreign Proceedings" tab. A date for the appeal hearing has not yet been determined.

Status Update as at October 18, 2024

On October 9, 2024, the Federal Court of Australia held its final hearing on the Foreign Recognition Proceedings. On October 18, 2024, Justice Markovic handed down her judgment recognizing IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd.'s Canadian Bankruptcy Proceedings as a Foreign Proceeding and a Foreign Main Proceeding in Australia. A copy of the Court Order can be found in the "Foreign Proceedings" tab.

Status Update as at October 1, 2024

The Trustee has submitted an application to The Federal Court of Australia for foreign recognition of IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd.'s Canadian Bankruptcy Proceedings in Australia (the "Foreign Recognition Proceedings"). The Trustee has engaged Australian Counsel and are currently in the process of engaging an Australian Representative to assist with these matters. The initial hearing of the Foreign Recognition Proceedings took place on September 26, 2024 in Sydney, Australia, during which the Court determined a final hearing would be set for October 9, 2024. The relevant application materials and Court Order can be found in the "Foreign Proceedings" tab.

Status Update as at October 24, 2023

The Trustee made an application to the Court with respect to the examination of certain former and current directors and officers of the Debtors and/ or Iris Energy and a hearing has been set for November 17, 2023. A copy of the application materials for this hearing can be found on the "Bankruptcy" tab above.

Status Update as at September 29, 2023

On September 28, 2023 the Trustee filed its first report in support of its application with respect to the examination of certain former and current directors and officers of the Debtors and/or Iris Energy. The Trustee filed an application with the court for a date to hear the matter, once the date is determined a further update will be posted on the website.

A copy of the application materials for this hearing can be found on the "Bankruptcy" tab above.

Status Update as at August 24, 2023

On August 24, 2023, the Court approved the application by the Receiver with respect to the approval and vesting of the sale transaction. The Order can be found under the "Court Orders" tab above.

Status Update as at August 21, 2023

The Receiver has made an application to the Court which will be heard on August 24, 2023. The Orders sought include:

• Approving the sale transaction contemplated by the Stalking Horse Asset Purchase Agreement;
• Vesting the Purchaser in accordance with the terms set out in the Approval and Vesting Order;
• Directing Iris Energy Limited to execute the Direction to Pay and Release of Machines; and
• Granting such further and other relief as counsel may request. 

A copy of the Notice of Application of the Receiver can be found in the "Court Materials" tab above.

Status Update as at August 21, 2023

On August 21, 2023, IE CA 3 Holdings Ltd., IE CA 4 Holdings Ltd. and Iris Energy Ltd (the Respondents) filed a Notice of Appeal to the Court of Appeal for British Columbia. A copy of the Notice is available under the "Court Materials" tab above.

Status Update as at August 10, 2023

On August 10, 2023 the Court released its oral reasons in respect of the applications heard on June 13-15, 2023. A copy of the oral reasons can be found in the "Court Orders" tab above.

Status of file as at June 29, 2023

Notice of the bankruptcy and the first meeting of creditors (the “Meeting”) and materials relating to the bankruptcy proceedings (the “Notice”) was sent by the Trustee on June 29, 2023 to all known creditors of the Company, pursuant to the provisions of the BIA. Copies of the Notices are available under “Bankruptcy” section of this website.

Status of file as at June 28, 2023

On June 28, 2023 (the "Date of Bankruptcy") the Receiver filed an assignment in bankruptcy on behalf of IE CA 3 Holdings Ltd and IE CA 4 Holdings Ltd (the"Companies"). PricewaterhouseCoopers Inc., LIT ("PwC") was appointed as Licensed Insolvency Trustee, of the estate of the Companies. The appointment of PwC will be confirmed at the First Meeting of Creditors to be held on July 18, 2023. All relevant documents related to the bankruptcy can be found under the "Bankruptcy" tab as available.

Status of file as at June 21, 2023

The Court approved Sale and Solicitation Process of the Mining Equipment has commenced. Information can be found in the "Sale and Solicitation Process" tab above.

For further information regarding the SSP, please email the Receiver at ca_ieca@pwc.com.

Status of file as at June 13, 2023

On June 13, 2023, the Receiver made an application to the Court with respect to:

• Sale Solicitation Process, Stalking Horse Bid and Break Fee
• Foundry Agreement
• Authority to assign the Debtors into bankruptcy

This order was granted, a copy of the order can be found in the "Court Materials" tab above.

Status Update as at June 13, 2023

On June 13, 2023 the Receiver filed a Supplement to the Third Report in response to the Draper Affidavit. A copy of the report can be found in the "Receiver's Reports" tab above.

Status of file as at June 12, 2023

On June 12, 2023, Iris Energy circulated an unfiled response to the Receiver's Third Report dated June 7, 2023 application. A copy of the affidavit of Kent Draper can be found in the "Court Materials" tab above.

Status of file as at June 9, 2023

On June 9, 2023, NYDIG ABL LLC circulated an unfiled response to the second affidavit of William Roberts, namely the Third Affidavit of Tejas Shah. A copy of the affidavit can be found in the "Court Materials" tab above.

Status of file as at June 7, 2023

The Receiver has made an application to the Court and a hearing has been set for June 13 to June 15, 2023. In support of the application, the Receiver has filed its Third Report to Court dated June 7, 2023. A copy of the Report and a copy of the Notice of Application can be found in the "Receiver's Reports" and "Court Materials" tabs, respectively.

Status of file as at June 05, 2023

On June 3, 2023, Iris Energy circulated an unfiled response to NYDIG’s May 9, 2023 application. Copies of the application response and affidavit # 2 of William Roberts can be found in the "Court Materials" tab above.

Status Update as at May 9, 2023

On May 9, 2023, NYDIG ABL LLC filed an affidavit in respect of its application on the following items:

• Scope of Collateral
• Fraudulent Conveyance 
• Oppression 
• Voiding Hashpower Agreement 
• Substantive Consolidation 
• Authorization to Bankrupt

This can be found in the "Court Materials" tab above.

Status Update as at April 18, 2023

On April 17, 2023 the Court released its oral reasons in respect of the applications heard on April 13, 2023. A copy of the oral reasons can be found in the "Court Orders" tab above.

Status of file as at April 10, 2023

The Receiver has made an application to the Court and a hearing has been set for April 13, 2023. In support of the application, the Receiver has filed its Second Report to Court dated April 10, 2023. A copy of the Report and a copy of the Notice of Application can be found in the "Receiver's Reports" and "Court Materials" tabs, respectively.

Status of file as at March 15, 2023

The parties have agreed to a short adjournment of the application scheduled for today.

Status of file as at March 13, 2023

The Receiver made several applications to the Court, a hearing has been set for March 15, 2023. In support of the hearing, the Receiver has filed its First Report to Court dated March 10, 2023. A copy of the Report can be found in the “Receiver’s Reports” tab above.

Status of file as at February 3, 2023

On February 3, 2023, the Supreme Court of British Columbia (the "Court") granted an Order (the “Receivership Order”) appointing PwC as Receiver of the assets, undertakings and property of IE CA 3 Holdings Limited and IE CA 4 Holdings Limited.  A copy of the Receivership Order can be found under the "Court Orders" tab above.