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A judge has removed a liquidator from the winding up of a Victorian cabinetry business, finding he failed to act honestly by settling unfair preference claims with tax agencies without disclosing key information.
Class action settlements hit major milestones last year, with the year’s largest settlements totalling $1.6 billion and one case resolving for a historic $548.5 million.
Construction PRO
The owners corporation for an apartment complex in the Melbourne suburb of St Kilda has lost its adverse possession claim over a tennis court mostly located on adjoining land, with a judge finding their use of the property was subject to a lease.
Construction PRO
Builder Leda Constructions has lost its bid for injunctions that would prevent the principal in a $4 million building contract from calling on two bank guarantees worth $101,553 each.
Pointing to a pattern of non-compliance with his orders, a judge hearing a shareholder class action over the collapse of mining company Cudeco has expressed concerns about “significant" delays in the case.
Reforms to Australia's merger review regime kicked in on 1 January, but late-breaking amendments to the new laws mean changes to notification thresholds and further exemptions.
A judge has ordered Australian Unity to pay a $7.1 million penalty in ASIC proceedings alleging it pumped more than $9.5 million into a risky mortgage scheme without properly vetting investors.
Binance has agreed to a $10 million penalty in ASIC’s case alleging the defunct crypto firm misclassified retail customers as eligible to invest in risky derivatives, but a judge wants more details before approving the deal.
Fresh off being sued by ASIC for investing $300 million into Falcon Capital’s failed First Guardian Master Fund, super trustee Diversa has been hit with additional licence conditions by the prudential regulator.
Construction PRO
A tribunal has refused to terminate a lease for a dairy farm in Raleigh, NSW and declined to order $500,000 in compensation over claims the tenants are responsible for deterioration in the property, including the “uncontrolled infestation” of a noxious weed.