Restructuring & Insolvency

Electronics leasing company Thorn Australia has been ordered to indemnify the receivers of Castel Electronics for a $900,000 settlement with the Commonwealth after a failure to account for priority entitlements owed to workers.

Lawyers for Forte Sydney Construction are ceasing to act for the developer, which is being sued by the liquidators of collapsed real estate fund manager iProsperity seeking to recover more than $3 million.

Former Queensland senator Claire Moore has been banned from managing corporations for four years over her role as a director of two gold exploration companies that collapsed after raising $44 million from investors.

The owner of Sydney’s Randwick Racecourse has won its bid for a stay on the appointment of an administrator by regulator Racing NSW, which has raised concerns about a “material uncertainty” in the club’s accounts. 

Two Liberty Steel companies want a case brought in NSW by administrators for collapsed supply chain finance company Greensill to be put on hold while a related case in the UK is on foot.

A Victorian construction company is seeking indemnity costs against the company that unsuccessfully pursued a winding-up application against it, as well as a personal costs order against its director.

Four Sydney venues owned by Jon Adgemis, including the South Bondi Hotel, have sold shortly after being listed, following a declaration that the former KPMG partner-turned-hospitality-mogul is bankrupt.

Builder Maxcon, financier Maxcap and mortgage broker ACMC are caught up in litigation over certificates of title underlying collapsed developer APH Holding’s $320 million Wellington Health precinct in Melbourne's Box Hill.

A court has largely set aside examination orders against executives and solicitors for oil and gas company Moreton Resources and MRV Metals, finding they were an abuse of process. 

A creditor of developer The Gosford has filed an appeal in a dispute over a $185 million property in Sydney, after a judge found that $48 million owed by builder Shinetec to its parent company after the developer called on a letter of credit fell within the definition of ‘secured money’.