Hearing

Former directors of failed clothing retailer Mosaic Brands are claiming privilege over retainer letters between Deloitte and the company as special purpose liquidators investigate potential insolvent trading and directors duty breach claims.

Kicking off its case against former Noumi CEO Rory Macleod, ASIC has told the court that Macleod was clearly aware of the "dramatic" difference between actual available stock and what was reported to the market in 2019 and 2020.

Mail order company Magnamail has denied allegations by the Australian Competition and Consumer Commission that it sent false or misleading promotional material implying customers were eligible for major prizes if they ordered from its catalogues. 

CMC Markets wants a class action to fork over $8.6 million more in security after substantially amending its case, which alleges the financial services firm issued complex, risky derivatives that were not appropriate for retail investors.

A judge has questioned why unsecured creditors will not give a promise to pay damages as they seek to stop a DOCA for the Milligan-owned developer of the $1.8 billion Halo Tower from going ahead, which could allegedly cause $100 million in losses. 

Preventing a DOCA for the Milligan-owned developer of the troubled $1.8 billion Halo Tower skyscraper in Sydney could cause $100 million in losses and jeopardise a sale to Cbus set to settle in July, a court has heard.