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Private equity firm Alceon and a vendor have been hit with $3 million damages over the misleading sale of a Queensland shopping centre for $55 million.
ASIC has escaped an individual insolvency practitioner’s bid for indemnity costs in its failed case alleging illegal phoenix activity, with a judge finding the regulator did not unreasonably reject a settlement offer that would have netted it “a considerably better result” than it won at trial.
A judge has thrown out a lawsuit over the $55 million sale of Queensland shopping centre brought by an arm of Elanor Investors Group, clearing the vendor and its agent of allegedly misleading or deceptive conduct.
The corporate regulator has failed in its case targeting an individual insolvency practitioner for alleged illegal phoenix activity.