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Two former directors of the Australian unit of BCEG have lost their “urgent” bid to vary freezing orders after a judge found they swindled millions from the company to fund their own developments and buy a luxury apartment.
Several lenders have appealed a ruling that found they failed to prove steel giant Arrium falsified representations on loan drawdown notices ahead of its $2.8 billion collapse, saying it was a “no brainer” that the company was in dire straits when its directors sought extra funds.
Chinese construction and engineering firm BCEG has won a $12 million lawsuit against two former directors of an Australian subsidiary after they allegedly swindled millions from the company to fund their own developments and buy a luxury apartment.
The High Court has refused Sydney retail personality Con Constantine’s bid to challenge a $4.25 million judgment in his favour over the $81.8 million Parklea Markets sale in 2016.
An appeals court challenge by a group of small businesses seeking coverage under business interruption insurance policies for losses flowing from COVID-19 restrictions has largely failed.
A group of banks that failed to prove steel giant Arrium falsified representations on loan drawdown notices ahead of its $2.8 billion collapse have been ordered to pay indemnity costs after a court found they rejected $10 million settlement offers three days into the trial.
In rejecting a bid by The Star Entertainment Group to recoup losses stemming from the COVID-19 pandemic, the Federal Court's Chief Justice did "real and unexplained violence" to the construction of a business interruption policy the casino giant had taken out with Chubb, the Full Court has heard.
Insurers have largely succeeded in challenging COVID-19 business interruption losses claimed by a group of small businesses, in an important second test case that could save the industry billions of dollars.
Herbert Smith Freehills this week escaped a cross-claim that its advice made it liable for the alleged losses of Arrium's lenders, but the judge who tossed the claim along with the banks' cases expressed doubts about one of the law firm's key arguments, a warning to other firms caught up in litigation as so-called concurrent wrongdoers.
Sydney retail personality Con Constantine has lost an appeal seeking to bolster a $4.25 million judgment in his favour over the $81.8 million Parklea Markets sale in 2016.