A liquidator has opened his case over the alleged misuse of funds by now defunct Dyldam Developments, as the court hears of “oddities” in financial records and the spaghetti-like structure of 157 interrelated entities.
Collapsed Sydney developer Dyldam has denied wrongdoing in a lawsuit alleging members of the Fayad family used $74 million in sale proceeds for personal benefit and sought to conceal that fact from business partners.
Collapsed Sydney developer Dyldam has told a court that a liquidator’s claim for breach of directors’ duties is “hopeless” as the company was under a deed of company arrangement at the relevant time.
The High Court has rejected a liquidator’s appeal arguing that two NSW printing press companies’ joint right to sue could be pooled to pay off debts for the entire corporate group.
The High Court has agreed to take up a case by a liquidator for two related NSW printing companies that could settle the question of whether pooling orders are available for businesses with common right to sue.
The liquidators of collapsed Sargon Capital have resolved their unfair preference case against King & Wood Mallesons over $540,000 in fees the law firm was paid for work advising the fintech before it went under.
A lawsuit by the liquidators of Sargon Capital alleges law firm King & Wood Mallesons “refused or neglected” a demand to return over $540,000 in alleged unfair preference payments and should have known the fintech was insolvent when the payments were made.
Liquidators of Sargon Capital are pursuing a claim for $4 million against super trustee firm Diversa and are investigating potential insolvent trading claims against the collapsed fintech’s directors.
A liquidator for two related NSW printing companies has launched a High Court challenge to overturn a judgment finding a joint right to sue another business for $330,000 could not be combined in a pooling order.
Casino operator Star Entertainment has settled a lawsuit against Momento Hospitality and CEO Marcello Colosimo over the name of their latest western Sydney pub, registered as The Star Hotel.