โ Scribed by Philip Crutchfield
No coin nor oath required. For personal study only.
Arctic Airlines Inc ("Arctic") is a large international airline with its headquarters in the United States. O n 1 August 1995 Arctic voluntarily filed a petition with the US Bankruptcy Court for Chapter 11 protection under the US Bankruptcy Code.
It was clear that Arctic's creditors could not expect payment in full of Arctic's pre-petition debts.
Arctic had previously carried on business in Australia. However, on 30 July 1995, Arctic announced that it would cease to fly to and from Australia and that it would be withdrawing its planes from Australia.
Arctic had an agreement with a Victorian travel agent, Bucket Shop Pty Ltd ("Bucket Shop"). Under this agreement, Bucket Shop was entitled to commissions from the sales in Australia of flights on Arctic. This was Bucket Shop's only contract and its principal source of income.
When Arctic announced that it was withdrawing
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