Dyldam Developments’ former boss Sam Fayad and his two sons have been ordered to pay over $50 million in a case by the liquidator of a special purpose vehicle claiming company funds were misused.
A liquidator has opened his case over the alleged misuse of funds by now defunct Dyldam Developments, as the court hears of “oddities” in financial records and the spaghetti-like structure of 157 interrelated entities.
Likening its position to the “Goldilocks zone”, EY has secured documents from rival Alvarez & Marsal as it weighs potential litigation over the mass departure of partners and staff from its international tax practice.
Collapsed Sydney developer Dyldam has denied wrongdoing in a lawsuit alleging members of the Fayad family used $74 million in sale proceeds for personal benefit and sought to conceal that fact from business partners.
The owners corporation of a 98-unit Parklea development by defunct builder Dyldam Developments has failed in its attempt to claim insurance for building defects in a property completed 17 years ago, with a court finding that time was up.
Collapsed Sydney developer Dyldam has told a court that a liquidator’s claim for breach of directors’ duties is “hopeless” as the company was under a deed of company arrangement at the relevant time.
The owners corporation of an apartment complex in Sydney’s north shore can bring claims against a council over several million dollars in alleged defects, despite a four-year delay.
A judge has rejected a misleading conduct claim against a builder who professed his “passion” for building high-end homes to a client, but put the builder on the hook for over $1 million in damages for rectification works.
A judge has rejected a shareholder’s bid to wind up investment firm Keybridge Capital, but allowed it to bring a derivative suit over a $4.75 million advance used for a director to purchase a Lake Como property.
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.