Restructuring & Insolvency

A judge has questioned whether an investor in failed Banksia Securities can bring a case against a court-appointed receiver over his support for a class action settlement later found to involve deception by a team of lawyers. 

On the eve of a Federal Court bankruptcy hearing, Sydney-based publican Jon Adgemis and founder of Public Hospitality Group has declared bankruptcy, days after five of his pubs were placed into receivership. 

The receiver for Banksia Securities — the failed lender at the centre of a scandal-ridden class action — has argued a new case accusing him of serious misconduct is vexatious and wants a court to release him from the claims.

Deutsche Bank has appointed receivers to five pubs owned by Public Hospitality Group ahead of a bankruptcy hearing against the group’s owner and former KPMG partner, Jon Adgemis.

Developer Robert Filippini is appealing a ruling that granted the liquidators for Keystone Asset Management's expanded freezing orders of up to $158 million in assets as well as two family trusts and four luxury cars. 

An entity associated with the director of defunct Sydney builder Quasar Constructions has failed to hand over details about its assets to liquidators, prompting further orders with a warning from the court.

Hall & Wilcox has struck back at proceedings by the liquidators for collapsed construction group Hastie, saying they have failed to specify why its $18.6 million legal bill incurred in suing two dozen builders is unreasonable.

A judge has signed of on a settlement struck by the liquidator for failed financial services firm Babcock & Brown, which will resolve all remaining and future shareholder disputes, which have beleaguered the liquidator for 12 years.

Venture capital firm EVP has added 20 parties to a lawsuit seeking to recoup its $10.4 million investment in Strongroom AI, as a judge extended freezing orders against directors of the med-tech start-up.

A court has rejected a property developer's bid to challenge a payment claim decision that found in favour of collapsed builder Kenik, the contractor on a $14 million Coles and Liquorland in Taringa.