Mitsui argues it should be paid before Phil King's Regal in Altus collapse case
Mitsui says its financial claims against defunct timber-waste recycling company Altus should “rank ahead” of any dispute lodged by one of Phil King’s Regal funds, court documents show.
Japanese trading house Mitsui has escalated a legal dispute surrounding the liquidation of timber-waste recycling company Altus, arguing its damages claims “rank ahead” of legal action brought by Phil King’s Regal Funds Management.
According to recent court documents obtained by Capital Brief, Mitsui is seeking court orders over three separate claims with a combined value of more than $21 million.
Mitsui’s court documents detail a prolonged failure on Altus’ part from 2020 to the time of its collapse to meet the conditions of a 2018 agreement, from missed shipment deadlines to shortfalls in pellet supplies.
The claims, Mitsui’s lawyer Leon Chung of Herbert Smith Freehills argues, “take priority over all unsecured debts and claims” made by Regal in its lawsuit.
