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The trustee of Mayfair Group's collapsed IPO Wealth Fund has denied claims in a class action that it misled investors who lost $86 million when the fund was wound up, and says it is fully indemnified for the class action's claims under an agreement with the fund.
Westpac will recoup the majority of proceeds from the $29.6 million sale of collapsed fintech Sargon Group, with a judge calling the company's liquidators "anxious sellers" who sold at speed and well below market value.
Two months after the remains of accused fraudster Melissa Caddick were discovered on a NSW beach, ASIC is seeking to appoint final receivers to realise her assets, although the family and friends who invested tens of millions with the Sydney businesswoman are not expected to fully recoup their investments.
Creditors of Greensill Capital have voted to liquidate the company's assets after no buyer emerged to rescue the debt-stricken financial services firm.
Creditors of LGL Commodities might have a right of action against solicitors for the company's liquidators for failing to comply with court orders and omitting evidence in a case against a former director, a judge has ruled.
Administrators appointed to the Australian arm of supply-chain finance firm Greensill Capital are recommending that creditors, which are owed in excess of $1.75 billion, vote to wind up the company.
Two Clive Palmer companies have been slugged with indemnity costs after they were blocked from accessing documents held by two law firms and a litigation funder to pursue a potential lawsuit against Queensland Nickel, with a judge saying the case was “hopeless” from the start.
A judge has slashed security for costs sought in a case brought by the liquidators of engineering and construction company Forge Group after the former directors targeted in the action failed to explain why they had retained multiple law firms.
Global investment bank Credit Suisse has launched legal action in the wake of the collapse of Greensill Capital seeking to wind up two firms helmed by British billionaire Sanjeev Gupta, including the company behind Whyalla Steelworks.
A judge has allowed a German bank owned by Greensill Capital, which owes creditors over $1.75 billion, to temporarily avoid seizure of its assets as the bank seeks to have its German insolvency proceedings recognised in Australia.