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Administrators have lined up a buyer for a Forum Group entity, as a first creditors meeting confirms Westpac has the largest claim to any recoveries after an alleged $400 million fraud by the equipment leasing company.
The lead applicant in a Maurice Blackburn-led class action against superannuation provider Colonial First State wants the Full Court to determine whether group members still have valid claims, after a judgment from the Victoria Supreme Court shut down a similar class action last year.
With $254 million at stake, Westpac wants a court order blocking the business partner of Forum Group founder Bill Papas from leaving Australia, as Papas remains in Greece while fraud allegations swirl.
Thorn Group is the latest lender ensnared in an alleged $400 million fraud by Forum Finance, with potential funds of up to $2.2 million tied up in the collapsed equipment leasing firm.
The director of the Forum Group companies accused of a $360 million fraud involving at least three major banks can't return to Australia from Greece because he has COVID-19, his lawyer has told the Federal Court.
Japanese bankng giant SMBC has emerged as the latest lender with exposure to an alleged fraud carried out by Sydney-based Forum Finance, with proceedings filed seeking recovery of almost $99 million it says it paid to a unit of Forum Group and controversial director Bill Papas.
The Federal Court has ordered the winding up of Forum Finance, which has been accused by Westpac and French investment bank Societe Generale of a $263 million fraud, as details of the company's jetsetting director's planned return to Australia from Europe remain murky.
A settlement reached in a lawsuit by the liquidators of collapsed steel giant Arrium against 10 former company directors accused of insolvent trading has been approved by a judge, who noted that while the settlement amount was "substantial", the deal involved a "substantial compromise".
A mid-trial settlement has been reached in a lawsuit brought by the liquidators of collapsed steel giant Arrium against 10 former company directors and officers for allegedly engaging in insolvent trading.
Law firm Herbert Smith Freehills has attacked a lawsuit brought by a group of lenders against collapsed steel giant Arrium, rejecting claims that $430 million in loans was borrowed under misleading or deceptive representations.