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London City Equities wins bid to expand case against Ernst & Young over Penrice collapse
Restructuring & Insolvency 2019-08-05 10:49 pm By Christine Caulfield

Investment firm London City Equities has secured court approval to bring an expanded case against accounting giant Ernst & Young over its auditing of collapsed soda ash maker Penrice.

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ASIC ‘plucking numbers out of the air’ in penalty hearing for Vocation execs, court told
Securities 2019-07-31 8:15 pm By Amelia Birnie

Lawyers for former Vocation CEO Mark Hutchinson say the corporate regulator is “plucking numbers out of the air” in its bid to secure disqualifications of up to eight years against the former executives who breached their directors’ duties in relation to the collapsed education provider.

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Arrium directors in firing line after three-year investigation into $4B collapse
Restructuring & Insolvency 2019-07-23 4:39 pm By Amelia Birnie

Insolvency firm Kordamentha has filed proceedings against ten former directors of the Arrium Group, accusing them of breaching of their duties to prevent insolvent trading after the steel giant collapsed with almost $4 billion in debt.

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Judge dismisses ‘puzzling’ bid to boot FW Projects liquidators
Restructuring & Insolvency 2019-07-18 8:49 pm By Miklos Bolza

Two construction companies have lost what a court has called a “puzzling” bid to oust the liquidators of collapsed FW Projects amidst a legal battle in the NSW Supreme Court over the property developer’s remaining assets.

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Liquidator admits ‘significant deficiencies’ and agrees to 10-year ban
Restructuring & Insolvency 2019-07-17 10:07 pm By Miklos Bolza

Veritas Advisory liquidator David Iannuzzi has admitted to “quite significant deficiencies” in his conduct as a liquidator and agreed to a 10-year ban from serving as an insolvency practitioner.

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Embattled ex-Quintis boss loses $13.3M sandalwood plantation loan dispute
Restructuring & Insolvency 2019-07-08 4:22 pm By Miklos Bolza

Frank Wilson, solicitor and founder of failed sandalwood producer Quintis, has been ordered by a court to repay a $13.3 million loan used to invest in a 215 hectare Indian sandalwood plantation.

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Ex-James Estate Wines boss ‘manufactured’ evidence in $14M dispute with ANZ, court says
Restructuring & Insolvency 2019-07-05 5:24 pm By Amelia Birnie

A judge has dismissed failed winemaker David James latest bid to overturn a $14 million guarantor judgment against him and in favour of ANZ, saying much of his sworn evidence was “manufactured” and “obviously tailored to suit his case”.

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Keybridge Capital sues collapsed subsidiary for credit law breaches
Financial Services 2019-07-05 1:11 pm By Miklos Bolza

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.

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Debt-laden fintech Squirrel can’t block receiver appointment
Restructuring & Insolvency 2019-07-02 9:17 pm By Amelia Birnie

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 company’s financial position as “precarious” and likely to worsen beyond its current liabilities of $7.8 million.

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Troubled Melbourne property developer Steller goes into receivership
Restructuring & Insolvency 2019-07-02 8:07 pm By Miklos Bolza

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.

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