Failed lender PR Finance Group has been sued for $5 million in damages by owner Keybridge Capital and its liquidators after the company went under for breaching Australian credit laws.
A judge has refused to grant an injunction stopping the appointment of receivers to Australian cloud-based superannuation fund manager SMSF Squirrel Ltd, describing the companyās financial position as āprecariousā and likely to worsen beyond its current liabilities of $7.8 million.
Melbourne property developer Steller has been put into receivership, a dramatic collapse for a firm that once boasted a pipeline of $4.2 billion worth of projects.
A court has approved a settlement between the liquidators of failed fund manager Equititrust and auditor KPMG, after not a single objection was raised by unitholders or creditors who wonāt receive anything after the entire amount is paid to the funder.
A judge has refused to separately hear an application by a Clive Palmer-controlled company to wind up a time-share scheme at Queensland’s Palmer Coolum Resort, describing the bid as an attempt by the company to avoid making admissions about its conduct, which allegedly resulted in the “death of the resort”.
Failed winemaker David James has launched a fresh bid to overturn a $14 million judgment for ANZ against him, telling a court he is still pursuing the bank after six years because the dispute has “taken his life’s work”.
The approval of a settlement between the liquidators of failed fund manager Equititrust and auditor KPMG has been postponed to allow time to notify creditors and unitholders that they won’t see a cent, an outcome the judge called “a long way from litigation in any traditional sense”.
The High Court of Australia has resolved a nearly 40-year old question of whether employees of a failed company established as trustee of a trading trust have priority over ordinary unsecured creditors.
A court has trimmed 10% off a $300,000 penalty against the former CEO of failed Gold Coast finance company MFS Group, after he successfully argued his role in the misappropriation of $147.5 million in trust funds was not as an officer of the company.
The Commonwealth has agreed to fund a public examination into the affairs of collapsed Queensland-based construction group JM Kelly, after liquidators uncovered a complicated web of inter-company loans.