Restructuring & Insolvency

A judge has given a liquidator approval to continue with claims at trial against former executives of failed Sydney developer Dyldam after they declared bankruptcy.

Receivers of the $500 million East Rockingham waste-to-energy project will have until the end of September to hash out a plan to maximise creditor returns, as Acciona's wait for approval of its bid to acquire the plant continues.

In a new suit against the developer of an abandoned $185 million project in Sydney, Shinetec has asked the court to declare its priority interest in a $48 million payment recently paid to the developer by Bank of China.

A judge has given the greenlight to a $10 million settlement with entities linked to late solicitor and Banksia class action mastermind Mark Elliott, noting the “perverse” difficulty of recovering more of the $70 million in assets held on trust.

Baker McKenzie has poached a banking and finance partner from Norton Rose Fulbright.

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.

A court has appointed provisional liquidators to Melbourne developer Lion Property Group after hearing that $120 million of investor money was not properly accounted for.

A receiver for collapsed developer Crown Group has sold the Sky Suites Sydney Hotel for a reported $68 million to a Singapore-based company.

A restructuring proposal by the founder of Roberts Co has won the approval of creditors of the developer, which are owed a total of $100 million.

Liquidators for iProsperity have been given the greenlight to enter into retainers with Norton Rose Fulbright to pursue claims against the defunct property group’s general manager and Crown Melbourne.