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Arrium liquidators can’t stop shareholders from grilling exec for possible class action
Restructuring & Insolvency 2019-11-20 11:48 pm By Christine Caulfield

Shareholders of collapsed steel and mining giant Arrium have won the OK to question a one-time director over possible class action claims that former officers misled the market and that auditor KPMG was negligent in preparing a healthy financial report just two years before the company went under.

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Multiplex wants Hastie liquidators to pay up for betting on set-off limitation
Restructuring & Insolvency 2019-11-15 10:33 pm By Christine Caulfield

Multiplex is calling for the liquidators of collapsed engineering services group Hastie to pay its costs, and pay now, for pursuing an action to recover millions of dollars in unpaid bills on the grounds that the construction company was not entitled to offset its debts with amounts owing.

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Worrells backs partner targeted by ‘unexpected’ ASIC action
Restructuring & Insolvency 2019-11-14 10:25 pm By Christine Caulfield

Insolvency firm Worrells has come out in support of partner Jason Bettles, who is facing an investigation by the corporate regulator for his work as liquidator of the Members Alliance Group of companies, saying the probe was unexpected.

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ASIC wants to probe Worrells liquidator over winding up of Members Alliance Group
Restructuring & Insolvency 2019-11-13 3:45 pm By Miklos Bolza

The Australian Securities and Investments Commission wants to investigate the conduct of a Worrells partner in relation to the winding up of Members Alliance Group, a group of property investment companies whose 2016 collapse stripped creditors of over $40 million and left its director facing fraud charges.

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Cap Coast Telecoms pre-insolvency advisor gets jail time for money laundering
Restructuring & Insolvency 2019-11-13 2:48 pm By Cat Fredenburgh

A former pre-insolvency advisor has been sentenced to four and half years in prison for siphoning money from defunct Telstra dealer Cap Coast Telecoms prior to it being voluntarily wound up.

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Forge liquidators investigate potential case against auditors KPMG
Restructuring & Insolvency 2019-11-12 8:31 pm By Miklos Bolza

Two special purpose liquidators appointed to collapsed engineering and construction company Forge Group are investigating a potential lawsuit against KPMG, which audited the doomed business prior to its $800 million collapse in 2014.

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Merlin Diamond creditors seek to shield rights over assets as liquidation looms
Restructuring & Insolvency 2019-11-11 5:23 pm By Miklos Bolza

A group of unsecured creditors of ‘Diamond Joe’ Gutnik’s mining firm Merlin Diamonds has launched a NSW Supreme Court bid to preserve their rights over security interests in the company as the clock ticks down to its impending liquidation.

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Vocation class action lumbers on with pared claims
Class Actions 2019-11-11 4:02 pm By Cat Fredenburgh

Certain claims in a shareholder class action against insolvent training company Vocation and auditor PricewaterhouseCoopers have been dropped, as the long-running case awaits a new trial date pending the outcome of a separate Full Court appeal.

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Liquidator cops 10-year ban in landmark ATO case
Restructuring & Insolvency 2019-11-07 10:51 pm By Christine Caulfield

Sydney-based liquidator David Iannuzzi has been disqualified from serving as an insolvency practitioner for 10 years, in the first case brought by the Australian Tax Office under the Corporations Act’s ban on tax avoidance schemes.

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Judge sends HIH Insurance legal fee fight back to the drawing board
Restructuring & Insolvency 2019-11-07 10:22 pm By Miklos Bolza

A NSW Supreme Court judge has raised concerns about a dispute over fees owed to two law firms and a funder in relation to four shareholder actions brought against the liquidators of HIH Insurance.

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