Directors of steel producer Arrium continued to borrow money from “vulnerable” lenders in the months prior to the company’s $2.8 billion collapse and “bled cash” despite the inevitable end, a number of lenders have said on the first day of a 40-day trial in the NSW Supreme Court.
The directors of steel giant Arrium, which collapsed owing $4 billion in debts, should have known earlier that the company was in a “liquidity crisis” and was trading while insolvent, liquidators for the company allege.
A judge has indicated that he will allow Arrium Group’s liquidator to give expert evidence at an upcoming trial in proceedings against the steel giant’s former directors over its $4 billion collapse, despite his other role as a party in the case.
Whether a contingency fee order made in a Victoria Supreme Court class action can survive a transfer application to a NSW court could be the next high stakes class action issue for the courts.
A judge has refused a bid to bring claims against law firm Herbert Smith Freehills in one of three lawsuits that will soon head to trial over the $4 billion collapse of steel giant Arrium Group.
Shareholders of collapsed vocational training company Vocation are poised to get about half of a $50 million settlement reached last month in a complex, long-running class action alleging the company failed to make adequate disclosures about its contracts with the Victorian Department of Education.
A $50 million settlement has been reached in a long-running shareholder class action against defunct vocational training company Vocation that also spawned multiple cross-claims against the failed company’s auditor PricewaterhouseCoopers, law firm Johnson Winter & Slattery and individual directors.
A shareholder class action against Vocation that has spanned five years and spawned multiple cross claims against the failed training company’s auditor, law firm and individual directors, has reached an in-principle settlement.
Lawyers for former Vocation CEO Mark Hutchinson say the corporate regulator is âplucking numbers out of the airâ in its bid to secure disqualifications of up to eight years against the former executives who breached their directorsâ duties in relation to the collapsed education provider.
In a win for the corporate watchdog, a court has found collapsed education provider Vocation engaged in misleading and deceptive conduct and breached its continuous disclosure obligations by failing to inform shareholders of problems with a large government contract.