Bonza creditors voted Tuesday to wind up the budget airline after its administrators at Hall Chadwick ran an âextensive sales campaignâ but received no offers to purchase the collapsed airline.
The administrators for budget airline Bonza have found it likely traded while insolvent in the lead-up to its voluntary administration, suggesting the airline’s directors may have breached their duties under the Corporations Act.Â
Administrators of collapsed budget airline Bonza have been given two more months to try to sell the company, with the Federal Court finding a sale would be of greater benefit than liquidation to the airline’s 58,428 creditors, who are owed $116 million.Â
A judge has expressed concerns that measures implemented to deal with the large number of Bonza creditors expected at the first creditors meeting on Friday unintentionally “foreclosed” on their right to vote to replace Hall Chadwick as administrators.
Budget Australian airline Bonza owes almost 58,000 customers, 320 employees and 130 suppliers after it was put into voluntary administration last week when aircraft lessors claimed the airline was in default and grounded its planes, a court has heard.Â
Companies and government entities paid out less to settle class actions in 2023 than in the previous two years, with no mega settlements hitting their pocketbooks.
The High Court has agreed to weigh in on a 16-year battle between the federal government and French drug maker Sanofi-Aventis over an allegedly unjustified court order that prevented the release of a generic version of blockbuster blood-thinner Plavix.
The funders that bankrolled a securities class action against collapsed engineering firm RCR Tomlinson will ask the court to give them an $8 million cut of a $40 million settlement. A further $12 million in legal fees means shareholders will get 50 per cent of the settlement sum.
The judge overseeing a class action against collapsed investment manager Blue Sky has said he would not be inclined to seek clarity from the Full Court on whether the court has the power to make a solicitors common fund order unless one of the defendants raised a challenge.
Shareholders of failed engineering firm RCR Tomlinson have secured a $40 million settlement in a class action brought over alleged misleading ASX statements.