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Equititrust settlement with KPMG approved after no objections to funder taking all
Restructuring & Insolvency 2019-06-28 9:04 pm By Amelia Birnie

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 won’t receive anything after the entire amount is paid to the funder.

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Clive Palmer’s co. faces setback in winding up battle over Queensland time-share scheme
Restructuring & Insolvency 2019-06-25 4:54 pm By Amelia Birnie

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”.

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Ex-James Estate Wines boss takes another shot at ANZ in $14M dispute
Restructuring & Insolvency 2019-06-20 9:27 pm By Amelia Birnie

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”.

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Funder takes all in Equititrust settlement with KPMG, creditors get nothing
Restructuring & Insolvency 2019-06-20 9:10 pm By Miklos Bolza

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”.

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Employees are priority creditors of insolvent trading trustees, High Court rules
Appeals 2019-06-20 9:08 pm By Miklos Bolza

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.

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Former MFS boss gets 10% off penalty for $147.5M misappropriation
Appeals 2019-06-18 8:55 pm By Amelia Birnie

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.

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Government to fund examination of JM Kelly’s web of inter-company loans
Restructuring & Insolvency 2019-06-17 5:25 pm By Amelia Birnie

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.

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Judge takes ax to $5.7M bill by liquidators of SK Foods units
Restructuring & Insolvency 2019-06-14 9:59 pm By Miklos Bolza

A court has taken an ax to the final bill by liquidators of three failed subsidiaries of multi-national agribusiness SK Foods Group, lopping off 30 per cent after a successful intervention by the corporate regulator, which called the more than $5.7 million claimed by the liquidators excessive.

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AIG loses appeal over insolvency exclusion in Kaboko Mining D&O policy
Insurance 2019-06-14 9:13 pm By Cat Fredenburgh

AIG Australia has failed to convince the Full Federal Court that an insolvency exclusion in a directors and officers policy held by Kaboko Mining should exempt it from covering claims brought by the collapsed mining company against four former executives after a failure to repay a US$5.95 million loan allegedly led to the company’s insolvency.

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ACCC to seek $4M in refunds for Jump! swim school franchisees
Competition & Consumer Protection 2019-06-11 11:03 pm By Cat Fredenburgh

The Australian Competition and Consumer Commission will seek more than $4 million in refunds plus penalties when it takes the troubled operator of the Jump! Swim School franchise and its top executive to court for alleged violations of the Australian Consumer Law.

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