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International DIY News

Woolworths wins battle with Lowe's over liquidation of Masters

Masters store 725 x 500

It has been reported that Woolworths has won a legal battle against Lowe's, after it requested that the court appoint an independent liquidator to Hydrox Holdings - the joint venture entity set up to run Masters - to "oversee the equitable and orderly wind-up" of the company.

Justice Lindsay Foster concluded that the original joint venture agreement between Lowe's and Woolworths included an arbitration agreement that required both parties to resolve any differences in the Australian Centre for International Commercial Arbitration.  

Justice Foster also said that there were no allegations as to the insolvency of the Hydrox Holdings, and ordered the two companies back into arbitration.  Lowe's was also ordered to pay Woolworths' costs.

Justic Foster said: "The substantive controversy between the parties in this proceeding are all matters which are capable of resolution by arbitration," 

"In truth there is no substantial public interest element in the determination of these parties' disputes."

Recent news linked to this story:

Masters to close in December 

Wesfarmers appoint ex. Masters MD to support Homebase

Steinhoff International shows interest in Masters stores

Source : Insight DIY 

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28 September 2016

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