Restructuring & Insolvency

A judge has tossed a suit seeking to recover a $1 million deposit on a $20.7 million agreement to purchase the former John Adjemis-owned Hotel Diplomat in Potts Point, after the deal fell through over concerns about mold and water ingress.

Granting a joinder bid in an unfair preferences case over the failure of carpentry firm Empryl, a judge has urged the Federal Court's rules committee to resolve a question hanging over liquidators seeking to bring proceedings against multiple defendants.

Defunct developer FSM must hand over transcripts of examination proceedings by its liquidators in a new case against Ray White Capital, Mallesons and others after the liquidators lost their bid for unreacted emails related to financing for an Ashfield development. 

A judge has ordered financier MaxCap to hand over certificates of title for property associated with collapsed developer APH Holding's $320 million Wellington Health precinct in the Melbourne suburb of Box Hill.

A deed of company arrangement for three companies associated with developer Descon-Adcon has fallen apart after former boss Danny Isaac failed to make a $5 million contribution required under the rescue plan. 

Concerned Sequoia Wealth wants to limit liability for claims linked to the $1 billion collapse of the Shield and First Guardian funds, ASIC has asked a court to appoint receivers from KPMG to probe the sale of Interprac Financial Planning.

Liquidators for defunct construction group Hastie have launched a bid in its Federal Court case against Hall & Wilcox to refer a $18.6 million bill from the law firm to a costs assessor.

A former director of collapsed Melbourne builder Shangri-La is being pursued by liquidators for $1.3 million in payments to related companies allegedly made in breach of his duties. 

Construction company Impero Pacific Group has been placed into liquidation with a reported $21 million in debts.

The bankruptcy trustee for Dyldam Developments director Sam Fayad has raised concerns about upcoming sales of property in western Sydney, saying an $8 million loan secured against the real estate may be a "sham".