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Former Arrium group treasurer rejects liquidators’ ‘infected’ insolvency case
Restructuring & Insolvency 2021-03-03 6:16 pm By Miklos Bolza Sydney

The former group treasurer of collapsed steel giant Arrium has hit back at claims brought by the company’s liquidators that it was trading while insolvent, arguing the case had been ‘infected’ by evidence from an expert who was also a plaintiff in the case.

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Herbert Smith Freehills warned Arrium of insolvent trading risk, court told
Restructuring & Insolvency 2021-03-02 5:43 pm By Miklos Bolza Sydney

Doomed iron and steel giant Arrium attempted to stave off its inevitable $2.8 billion collapse and put off negotiating with its lenders until the last minute despite warnings from its legal and financial advisors, liquidators for the company told the court.

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Court finds Megasave made misleading representations to franchisees
Competition & Consumer Protection 2021-03-02 11:51 am By Cat Fredenburgh

A court has found national delivery company Megasave Couriers misled franchisees with false promises of guaranteed minimum weekly payments and annual income.

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Partner in age discrimination suit says Deloitte acting like he’s out the door
Employment 2021-03-01 6:28 pm By Miklos Bolza Sydney

A partner who hit Deloitte with a $3.8 million age discrimination lawsuit says the accounting giant has been treating him as an “inactive partner” who is on the verge of retiring, including by failing to conduct a performance assessment for the 2021 financial year.

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In ‘warfare’ with Sino Iron, judge tosses Clive Palmer’s fight over $530M in mine remediation costs
Energy & Natural Resources 2021-03-01 4:38 pm By Spencer Fowler Steen Melbourne

Clive Palmer’s Mineralogy has lost its bid to make Sino Iron and Korean Steel cough up over $529 million for mine site remediation in Western Australia, after the mining company argued the terms of their contracts required an immediate lump sum payment.

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Arrium ‘bled cash’ from banks prior to $2.8B collapse, court told
Restructuring & Insolvency 2021-03-01 3:04 pm By Miklos Bolza Sydney

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.

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ASIC takes NAB to court over $365k in account fees
Financial Services 2021-02-25 1:46 pm By Miklos Bolza Sydney

ASIC has launched court proceedings against National Australia Bank accusing the bank of engaging in unconscionable conduct by charging more than $365,000 in fees to which it was not contractually entitled.

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Priceline staring down class action by irate pharmacy franchisees
Franchises 2021-02-22 6:35 pm By Miklos Bolza Sydney

Pharmacy giant Priceline is the target of an “imminent” class action, with a group of dissatisfied franchisees accusing the company of exercising an “overly prescriptive” level of control over its franchises and fettering profitability.

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‘Novel and invasive’: Clive Palmer can’t get law firm docs for Queensland Nickel case
Restructuring & Insolvency 2021-02-19 10:59 pm By Miklos Bolza Sydney

Two Clive Palmer companies have again been blocked from accessing documents held by two law firms and a litigation funder to pursue a potential lawsuit against Queensland Nickel, with an appeal court dismissing the bid as “unmeritorious”.

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Hewlett-Packard loses appeal over sales commissions it capped ‘at whim’
Employment 2021-02-19 5:21 pm By Christine Caulfield Melbourne

IT giant Hewlett-Packard Australia has lost its appeal of a judgment requiring it to cough up $370,000 in unpaid commissions to a former sales executive after a court found the company was not entitled to retrospectively cap her incentive payments ‘at whim’.

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