Restructuring & Insolvency

The liquidators of a subsidiary of collapsed media company Big Un have lost their case against financier First Class Capital alleging a three million share purchase was part of a scheme to inflate the company's stock price. 

Japan-based Optimus has sued Grant Thornton for allegedly giving negligent restructuring advice following its acquisition of dealership group Autopact, which resulted in the company owing $3 million in stamp duty, income tax and other costs.

Administrators of OneSteel Manufacturing secured an extension of time to hold a second creditors' meeting after shuttering the Whyalla steelworks' blast furnace, as they continue sales talks.

Bathla's administrators have secured court orders extending their control of the failed Sydney developer for 12 months, saying it will allow more time to complete projects under construction.

A company controlled by Paul Chiodo has lobbed a $200 million suit targeting City Built director Roberto Filippini, with the former Keystone director joining the company's liquidators in chasing millions in alleged misappropriated development funds.

A company controlled by Paul Chiodo has lobbed a $200 million suit targeting City Built director Roberto Filippini, with the former Keystone director joining the company's liquidators in chasing millions in allegedly misappropriated development funds.

Funds manager 360 Capital is moving quickly to take control of its investments affected by the $3.4 billion collapse of construction firm Bathla. 

A group of Bathla lenders has agreed to provide a short-term lifeline for the embattled residential developer to progress some projects, while other projects will be suspended and 213 employees stood down as of Monday.

Sydney residential developer Bathla has accrued debts of $3.4 billion, administrators revealed Friday during a first creditors meeting as discussions with lenders on funding to keep 45 construction projects on track drag on.

As Bathla administrators reveal debts of over $3.4 billion, the corporate regulator has told a senate committee hearing the sheer number of private lenders that backed the company will make its tracing task difficult.