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Investment scheme wound up after ‘systematic misappropriation’ of $7M in funds
Restructuring & Insolvency 2020-07-28 9:49 pm By Miklos Bolza

A court has granted ASIC’s bid to wind up an illegal managed investment scheme whose operators fled to India following the “systematic misappropriation” of almost $7 million in investor funds.

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Banksia class action funder admits court was misled on fees, says commission shouldn’t suffer
Class Actions 2020-07-27 5:46 pm By Christine Caulfield

The litigation funder behind the class action over Banksia Securities’ collapse has admitted it misled a costs consultant retained to report to the court on the reasonableness of the fees in the case, but says its commission should not take a hit as a result because the misconduct occurred after the litigation settled against Banksia’s trustee for $64 million.

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Administrators for fashion retailer PAS Group lose battle with landlords over rent
Restructuring & Insolvency 2020-07-24 11:04 pm By Christine Caulfield

Administrators for The PAS Group have failed in their bid to have almost $1.4M in rent declared an unsecured debt in the event the fashion retailer goes into liquidation amid the coronavirus pandemic.

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Ashurst partner hit with indemnity costs in Point Piper property feud
Real Estate 2020-07-22 10:26 am By Christine Caulfield

An Ashurst partner in a long-running stoush with his former Family Court judge neighbour over a property in the harbourfront Sydney suburb of Point Piper has been hit with indemnity costs for “unreasonably” pushing his case.

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Former Sydney liquidator faces charges she misappropriated $240,000
Restructuring & Insolvency 2020-07-15 6:02 pm By Alison Eveleigh

A former Sydney liquidator has been charged with dishonesty offences and faces possible jail time after allegedly misappropriating almost $240,000 from company bank accounts.

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Citing COVID-19 and $1.5M in class action costs, cladding manufacturer goes into administration
Class Actions 2020-07-13 10:34 pm By Cat Fredenburgh

Cladding manufacturer Fairview Architectural has filed for voluntary administration, citing challenges posed by COVID-19 and $1.5 million spent so far defending a class action alleging it misrepresented the quality of its “highly flammable” cladding. 

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Virgin bondholders fail to get hands on confidential Bain Capital sale docs
Restructuring & Insolvency 2020-07-10 1:15 pm By Alison Eveleigh

Virgin Australia unsecured bondholders contesting the sale of the embattled airline to private equity firm Bain Capital have failed in their bid to access confidential transaction documents, but a judge has urged the administrators to communicate with the frustrated creditors.

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Virgin bondholders blast Deloitte disclosures to court
Restructuring & Insolvency 2020-07-09 10:41 pm By Cat Fredenburgh

Virgin Australia bondholders contesting the sale of the airline to private equity firm Bain Capital have blasted the airline’s administrators at Deloitte for failing to inform the court when applying for confidentiality orders that the bondholders had sought information on the terms of the deal.

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Virgin administrators’ legal woes continue as bondholders try to uncover confidential Bain deal
Restructuring & Insolvency 2020-07-08 8:03 pm By Alison Eveleigh

A Virgin Australia unsecured bondholder has launched legal proceedings to uncover confidential details of the sale of the embattled airline to Bain Capital, with the administrators now facing three disputes in the wake of the administration.

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Queensland Nickel liquidators appeal $100M loss in case against Clive Palmer
Appeals 2020-07-08 7:35 pm By Christine Caulfield

The liquidators of Clive Palmer’s Queensland Nickel are appealing a win for the billionaire in their case over the collapse of the refinery in 2016, which centred on $102 million in loans allegedly paid by Queensland Nickel to Palmer’s Mineralogy.

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