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Defunct Altus Renewables hits back at Mitsui damages claims

Timber waste recycling company Altus has rejected Mitsui’s claims that it suffered loss or damage due to failed shipments linked to the company’s collapse.

Laurel Henning
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Mitsui's failure to send notices for missed Altus shipments leaves it without access to remedies, Altus argues. Shutterstock.

A legal dispute over the liquidation of timber-waste recycling company Altus Renewables, initially brought by Phil King’s Regal Funds Management, has seen the company file a defence over related claims from Japanese trading house Mitsui.

In recent court documents obtained by Capital Brief, Altus argues that Mitsui did not suffer any loss or damage due to undelivered pellet shipments between 2020 and 2022.

Mitsui filed three related claims in the Federal Court last November, seeking a combined $21 million. The company contends that its claim hould “rank ahead” of legal action brought by Regal Funds Management.

Altus has argued that Mitsui would have been required to issue a Seller Delivery Failure Notice to Altus Renewables for the missed shipments in order to be entitled to any remedies, but never did so.