Daniel Krochmalik

A creditor of developer The Gosford has filed an appeal in a dispute over a $185 million property in Sydney, after a judge found that $48 million owed by builder Shinetec to its parent company after the developer called on a letter of credit fell within the definition of ‘secured money’.

A judge has handed Shinetec a win in its dispute with the developer of a scuttled $185 million project in Sydney, finding that $48 million owed by the builder to its parent company after the developer called on a letter of credit fell within the definition of ‘secured money’.

Builder Shinetec has argued $48 million paid to the developer of a $185 million project in Sydney by Bank of China under a standby letter of credit was money it lent to the collapsed developer, with a judge seeming to agree the sum would otherwise be a windfall.

Sydney pub baron Jon Adgemis has been declared bankrupt and his properties have been sequestered, with the Federal Court finding the former KPMG partner owes $1.8 billion to creditors.

Nicholas Bolton has lost his challenge to Keybridge Capital’s move to remove him from the board of confectionary group Yowie, after he was found to have been validly removed as the CEO of Keybridge in March. 

An appeals court has held that directors cannot be found guilty of unlawfully making a deal to prevent employees from receiving their entitlements if they believe they could be paid out under the Fair Entitlements Guarantee scheme.

A judge has approved a bid by administrators of Rex to delay the next creditors’ meeting to continue talks with several potential buyers of the regional airline.

An appeals court has rejected Keybridge CEO Nick Bolton's challenge to a ruling that found that he and two other directors were validly removed at a board meeting, finding in favour of shareholder WAM Active. 

ASIC has won approval to bring claims against troubled regional airline Rex and four of its directors for allegedly misleading investors about the company's financial position.

Shareholders in lending platform Marketlend can bring a derivative suit against its directors for allegedly misusing company funds, including spending $1.3 million on barrister chambers fees.