Restructuring & Insolvency

A judge has given the greenlight to a $10 million settlement with entities linked to late solicitor and Banksia class action mastermind Mark Elliott, noting the “perverse” difficulty of recovering more of the $70 million in assets held on trust.

Baker McKenzie has poached a banking and finance partner from Norton Rose Fulbright.

A liquidator has opened his case over the alleged misuse of funds by now defunct Dyldam Developments, as the court hears of “oddities” in financial records and the spaghetti-like structure of 157 interrelated entities.

A court has appointed provisional liquidators to Melbourne developer Lion Property Group after hearing that $120 million of investor money was not properly accounted for.

A receiver for collapsed developer Crown Group has sold the Sky Suites Sydney Hotel for a reported $68 million to a Singapore-based company.

A restructuring proposal by the founder of Roberts Co has won the approval of creditors of the developer, which are owed a total of $100 million.

Liquidators for iProsperity have been given the greenlight to enter into retainers with Norton Rose Fulbright to pursue claims against the defunct property group’s general manager and Crown Melbourne.

The corporate regulator has brought action against three companies in Sanjeev Gupta's steel empire, alleging the businesses have defaulted on their obligations to lodge annual financial reports.

Entities linked to the late solicitor Mark Elliott are set to pay $10 million to settle claims by Banksia class action members, despite a related company owning $70 million on trust, a court has heard. 

Liquidators of Snowdon Developments have brought proceedings against building suppliers to claw back more than $2 million in payments they say were made while the Victorian developer was insolvent.