Shareholders of the collapsed Babcock & Brown have failed in their challenge to a ruling tossing their cases for damages for disclosure breaches during the global financial crisis, with an appeals court finding the investors had not shown the breaches caused any loss.
Liquidators for Forum Finance have won court approval to sell a $1.2 million Mangusta luxury yacht as well as 12 properties owned by various companies within the Forum Group.
A judge has blasted an ex-Linchpin director’s delay in appealing a five-year disqualification ordered by ASIC and threatened to dismiss the appeal after he failed to comply with court orders.
Herbert Smith Freehills this week escaped a cross-claim that its advice made it liable for the alleged losses of Arrium’s lenders, but the judge who tossed the claim along with the banks’ cases expressed doubts about one of the law firm’s key arguments, a warning to other firms caught up in litigation as so-called concurrent wrongdoers.
Sydney retail personality Con Constantine has lost an appeal seeking to bolster a $4.25 million judgment in his favour over the $81.8 million Parklea Markets sale in 2016.
The former auditors of stockbroker Halifax Investment Services, whose 2008 collapse left around $200 million in client funds trapped, have been hit with $50,000 in fines for auditing breaches that resulted in the company continuing to trade while being prima facie insolvent.
A judge has dismissed two cases brought by the Commonwealth Bank, Westpac and other lenders against directors of the failed steel giant Arrium, saying he was not satisfied the directors’ representations on loan drawdown notices were false or that the company was insolvent when it went into voluntary administration in April 2016.
Three Clive Palmer-owned companies have filed a breach of trust lawsuit against HWL Ebsworth, funder Vannin Capital and the liquidators of Queensland Nickel attempting to recoup $102 million transferred after the billionaire suffered a courtroom defeat earlier this year.
A judge has found collapsed education provider Phoenix Institute acted unconscionably and with “callous indifference” by enticing vulnerable consumers to enrol in unsuitable courses with promises of free laptops.
A Federal Court judge has criticised the liquidators of coal mining company Delta for waiting over two years to file insolvent trading proceedings against former directors when the same issues of solvency had already been raised in two other cases.