A judge has ordered directors of collapsed mining company Termite Resources to pay $7 million in damages after finding they breached their duty by distributing more than $46 million to its parent company and failing to maintain a cash reserve of at least $10 million.
Receivers, not just liquidators, can distribute assets to satisfy priority claims of an insolvent company’s employees, a judge has ruled, settling a question of law under the Corporations Act.
The ACCC will announce in May whether it will approve the proposed $15 billion merger of telco giants TPG and Vodafone Hutchison Australia, after the parties’ failure to comply with requests for information caused the regulator to suspend its timeline last month.
Australia’s largest independent coal producer Whitehaven Coal Mining has been convicted and fined $38,500 after potentially harmful gas drifted from one of its mines across neighbouring farmland.
Generic pharmaceutical firm Sandoz has won a temporary stay of a $26.3 million judgment in a patent case as it awaits a decision by the Commissioner of Patents regarding a licence to make a cheaper version of the bestselling antidepressant Lexapro.
Trial in a shareholder class action against engineering company WorleyParsons will be heard by a new judge in late August, six months after it was unexpectedly vacated.
Mach Energy is fighting a second lawsuit by a former director alleging he is owed $13 million in shares under an equity incentive scheme based on the performance of the Mount Pleasant coal project acquired from Rio Tinto in 2016.
The Australian Securities and Investments Commission has won its bid to appoint liquidators to solvent landbanking company Aviation 3030, with a judge saying ASIC’s public-interest case for the scheme’s winding up was “overwhelming”.
A name partner at law firm Tucker & Cowen and the firm itself have lost their bid for summary dismissal of a lawsuit brought by the receiver of failed fund manager Equititrust seeking to recover $17.5 million allegedly acquired through deceptive means.
A judge has rejected a claim of legal privilege over emails at the centre of a copyright lawsuit over a puppet-show parody of the 80s sitcom Golden Girls, a production that has spawned legal action between the collaborators in New York and Australia.