Restructuring & Insolvency

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.

The administrators of Roberts Co have recommended that creditors accept a deal from founder Andrew Roberts that would see a cash contribution of $17.4 million to release Roberts and others from any claims.

A judge has rejected bids by former Keystone director Paul Chiodo and developer Robert Filippini to stay a $150 million suit, citing investors' interests as a "powerful" factor weighing against the stay.

A judge has approved a bid by administrators of Rex to delay the next creditors’ meeting to continue talks with several potential buyers of the regional airline.

Property developers Paul Chiodo and Robert Filippini want to stay proceedings by Keystone's receivers over $150 million allegedly laundered through City Built's construction projects, citing "quite likely" criminal charges. 

Sharvain Façades has won extra time to convene a second creditors' meeting to pursue a $3.28 million win against Roberts Co, but not based on the argument that SOPA says its liquidation would bar enforcement of the judgment.

A dispute over a scuppered transaction between the director of collapsed Keystone and the owner of the Marriott Hotel in Venice has been settled.