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ASIC wants Merlin Diamonds wound up over $13M in unauthorised loans
Restructuring & Insolvency 2019-05-14 10:25 pm By Cat Fredenburgh

The Australian Securities and Investments Commission wants ASX-listed diamond mining company Merlin Diamonds wound up, expressing concerns about the company’s solvency and over $13 million in loans made to companies associated with Merlin’s director, Joseph Gutnick, without shareholder approval.

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Ex-Babcock & Brown execs dodge case over botched $1.4B acquisition
Corporate 2019-05-14 10:00 pm By Christine Caulfield

A court has dismissed a long-running case against defunct Babcock & Brown executives by a private investment fund over a botched $1.4B acquisition of the biggest laundry equipment provider in the US, saying the executives did not breach their duties by failing to disclose that the bank underwriting the deal allegedly wanted out.

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Court tosses Ponzi scheme investor’s $75M claim against liquidator Grant Thornton
Restructuring & Insolvency 2019-05-14 9:29 pm By Amelia Birnie

A court has thrown out a $75 million compensation claim filed by an investor in a Ponzi scheme alleging liquidator Grant Thornton Australia and its lawyers Colin Biggers & Paisley failed to return his funds expeditiously.

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Paltar Petroleum to be wound up after judge finds ‘too much uncertainty’ in DOCA
Restructuring & Insolvency 2019-05-10 10:47 pm By Cat Fredenburgh

Oil exploration company Paltar Petroleum will be wound up after a judge rejected a proposed deed of company arrangement as containing “too much uncertainty”.

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Judge shoots down ASIC’s ‘amorphous’ request for inquiry into liquidators
Restructuring & Insolvency 2019-05-10 3:24 pm By Miklos Bolza

A judge has dismissed an application by the Australian Securities and Investments Commission to investigate two Sydney-based liquidators, saying the regulator had failed to prove its suspicions about the pair.

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Judge sides with ASIC, finds insolvent hedge fund Goldsky operated without a licence
Restructuring & Insolvency 2019-05-09 6:16 pm By Miklos Bolza

A judge has found embattled hedge fund Goldsky breached the Corporations Act by providing financial services in Australia without a licence.

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HWL must produce files in case accusing partner of diverting client funds to pay legal bill
Legal Ethics 2019-05-08 9:06 pm By Amelia Birnie

A judge has dismissed HWL Ebsworth’s claims of a “fishing expedition” and granted discovery of a slew of  internal documents relevant to allegations a partner at the law firm encouraged a company’s directors to unlawfully divert insurance proceeds to pay almost $150,000 in legal bills.

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Ex-PPB Advisory liquidator gets 7 years’ jail for $800,000 fraud
Restructuring & Insolvency 2019-05-03 9:06 pm By Amelia Birnie

A former PPB Advisory liquidator has been jailed for seven years for embezzling $800,000 from defunct property development company Neolido Holdings Pty Ltd.

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Property developers accused of ‘gaming the system’ at GST class action trial
Class Actions 2019-05-01 10:58 pm By Amelia Birnie

Multiple Canberra property developers have been accused of deliberately trying to avoid repaying GST to home buyers at the outset of a class action trial involving almost 500 apartment owners.

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Judge signs off on Halifax liquidators’ plan to email creditors
Restructuring & Insolvency 2019-05-01 10:12 pm By Cat Fredenburgh

Creditors of defunct stockbroker Halifax Investment may soon get emails from the company’s liquidators, after a judge signed off on their request to keep creditors abreast of developments in the defunct’s trading platform’s liquidation proceedings electronically.

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