Fortis Law

An appeals court has reversed a decision awarding $2.1 million to Calibre, the builder of the 'Sky Gardens' residential development in Ryde, finding developer Kalorizkio had validly offset the claim.

Developer Kaloriziko has appealed a ruling which rejected its claim that a property deal involving related parties extinguished a $2.12 million liability to a builder on the 'Sky Gardens' residential development in Ryde, NSW.

An appeals court has tossed a challenge by construction firm Builtcom to an adjudication that slashed a $30 million payment claim against developer VSD Investments by $21 million, saying mere legal error was not enough.

A judge has rejected developer Kaloriziko's claim that a property deal involving related parties extinguished a $2.12 million liability to a builder in relation to the construction of the 'Sky Gardens' residential development in Ryde, NSW.

Challenging an $8.5 million adjudication on a payment claim that sought over $30 million from developer VSD Investments, construction company Builtcom says it is effectively "disabled" from recovery of progress payments.

It lost its bid in the NSW Supreme Court to withhold a payment claim from the builder of a 30-storey project in Sydney pending an appeal, now developer VSD Investments has asked an appeals court to halt payment.

Developer VSD Investments has lost an argument for withholding an $8.5 million payment claim from the builder of a 30-storey project in Sydney's inner west pending the construction company's appeal.

Westpac wants Forum Finance founder Bill Papas held in contempt of court, but the bank has hit a snag in serving its motion on the missing Papas, saying he dropped his lawyers without telling them the address of his current residence in Greece.

The NSW Police have commenced an investigation into Forum Finance and director Bill Papas, which have been accused by Westpac, French investment bank Societe Generale and Japanese bank SMBC of a $400 million fraud.

Liquidators for Forum Finance have won court approval to sell a $1.2 million Mangusta luxury yacht as well as 12 properties owned by various companies within the Forum Group.