Restructuring & Insolvency

Former directors of failed clothing retailer Mosaic Brands are claiming privilege over retainer letters between Deloitte and the company as special purpose liquidators investigate potential insolvent trading and directors duty breach claims.

A judge has accepted that Cbus’ agreement to buy a 50 per cent stake in Sydney’s troubled Halo Tower could fall through if the beleaguered developer behind the project is forced to remain in administration, shooting down a challenge to a DOCA.

The Commonwealth Bank wants Cornwalls to pay its costs in a negligence case by a former client, saying the law firm should foot the bill for claiming proportionate liability against the bank.

The preferred bidder for the Liberty Bell Bay smelter in Tasmania has withdrawn from the process, less than a month after its involvement was announced. 

A court has dismissed a bid to temporarily block a deed of company arrangement for Halo Tower developer FT Sydney, after hearing an injunction might jeopardise a sale to Cbus Property, set to settle in July.

Venture capital firm EVP has won court approval to pursue claims against bankrupt Strongroom AI founder and former director Christopher Durre.

A judge has questioned why unsecured creditors will not give a promise to pay damages as they seek to stop a DOCA for the Milligan-owned developer of the $1.8 billion Halo Tower from going ahead, which could allegedly cause $100 million in losses. 

Preventing a DOCA for the Milligan-owned developer of the troubled $1.8 billion Halo Tower skyscraper in Sydney could cause $100 million in losses and jeopardise a sale to Cbus set to settle in July, a court has heard.

A judge has refused to allow Forte Construction to file a late amended defence after it failed to comply with three orders in a $3 million case brought by the liquidators of collapsed real estate fund manager iProsperity, saying the court was being treated with “absolute contempt”.

Twenty-one former property owners at the site of the troubled 55-storey Halo Project skyscraper in the Sydney CBD have won access to a contract entered with Cbus Property shortly before developer FT Sydney went into administration.