The director of besieged investment group Mayfair 101 has called for an investigation into the Australian Securities and Investments Commission, calling a winding up proceeding brought by the financial watchdog “a form of malicious prosecution” based on a “flawed fundamental misunderstanding” and supported by an erroneous report from auditor Deloitte.
A 63-year-old partner of Deloitte Touche Tohmatsu is suing the accounting giant and CEO Richard Deutsch alleging the firm’s mandatory retirement policy is discriminatory and has cost him almost $4 million.
Virgin Australia unsecured bondholders have launched an application with the Takeovers Panel in a bid to stop the sale of the embattled airline to Bain Capital, claiming certain elements of the administration process were “unacceptable”.
Virgin’s administrators have reached a deal with Bain Capital to buy the airline and its subsidiaries, saying Friday US investment firm had made a “strong and compelling” bid to keep Australia’s second airline operating and secure the jobs of thousands of workers.
Virgin Australia’s administrators have whittled down the list of eligible bidders for the struggling airline to two, with investment firm Bain Capital and private equity investor Cyrus Capital Partners the only potential purchasers allowed to make final offers.
Embattled Virgin Australia has entered voluntary administration after the Morrison government knocked back its plea for a $1.4 billion lifeline, the airline confirmed Tuesday.
Ashurst has brought on former Deloitte senior partner Philip Hardy to help launch its consulting arm to compete with the big four firms, and the law firm says Hardy’s experience will be an asset as it manages the challenges of COVID-19 on clients’ businesses.
Six law firms are working on a consolidated trial of multiple class actions over the collapse of retailer Dick Smith, but when the trial opened in the NSW Supreme Court this week, a lone barrister appeared in court before Justice Michael Ball, amid a sea of empty bar tables. Most of the hearing’s participants joined through a virtual courtroom while members of the public were invited to watch the trial unfold on a YouTube live stream. Welcome to litigating in the age of the coronavirus.
Deloitte has lost its appeal of a ruling in a shareholder class action over the collapse of Hastie Group that compelled the production of audit files taken by a partner from the accounting giant’s litigation room, in a ruling that described the actions of the partner as “bordering on contempt” and slammed Deloitte for “cynically” exploiting the situation.
A ruling is expected Thursday in an appeal by the partnership of Deloitte over the production of audit files that were apparently stolen from the accounting giant’s litigation room, a high-stakes decision that will clarify the limits of a partnership’s right to claim privilege against self-incrimination.