Michael Rose

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.

Medtech start-up Strongroom AI has lost its bid for a court order blessing its proposal to sell the company to SRSPV Pty Ltd prior to a second creditors meeting.

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.

A judge has refused an eleventh-hour application by administrators for Strongroom AI for court approval of a sale offer ahead of a second creditors meeting, likening the bid to “putting a gun to the court's head".

A unit of collapsed start-up StrongRoom AI has warned creditors of its parent company that recent freezing orders need to be tweaked to allow it to continue trading, or there may be little money left to argue over. 

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.

Former directors of collapsed Sydney developer Dyldam have been targeted by a liquidator over claims allegedly worth at least $33 million.

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. 

The High Court has rejected a liquidator’s appeal arguing that two NSW printing press companies’ joint right to sue could be pooled to pay off debts for the entire corporate group.