Creditors of Greensill Capital have voted to liquidate the company’s assets after no buyer emerged to rescue the debt-stricken financial services firm.
Creditors of LGL Commodities might have a right of action against solicitors for the company’s liquidators for failing to comply with court orders and omitting evidence in a case against a former director, a judge has ruled.
Administrators appointed to the Australian arm of supply-chain finance firm Greensill Capital are recommending that creditors, which are owed in excess of $1.75 billion, vote to wind up the company.
Two Clive Palmer companies have been slugged with indemnity costs after they were blocked from accessing documents held by two law firms and a litigation funder to pursue a potential lawsuit against Queensland Nickel, with a judge saying the case was “hopeless” from the start.
A judge has slashed security for costs sought in a case brought by the liquidators of engineering and construction company Forge Group after the former directors targeted in the action failed to explain why they had retained multiple law firms.
Global investment bank Credit Suisse has launched legal action in the wake of the collapse of Greensill Capital seeking to wind up two firms helmed by British billionaire Sanjeev Gupta, including the company behind Whyalla Steelworks.
A judge has allowed a German bank owned by Greensill Capital, which owes creditors over $1.75 billion, to temporarily avoid seizure of its assets as the bank seeks to have its German insolvency proceedings recognised in Australia.
A judge has refused to summarily dismiss proceedings by collapsed construction group JM Kelly against its former accountant, finding it was an issue for trial whether he caused the company to continue operating despite financial issues leading to its liquidation.
The Australian Securities and Investments Commission will seek to drop all charges which were the subject of an arrest warrant against accused fraudster Melissa Caddick, after her remains were found on the NSW South Coast in February.
A bid by KPMG to push off the filing of its defence in a class action over misleading statements ahead of Arrium’s $754 million capital raising in 2014 has been shot down by a judge, who said the auditor has known the claims against it since November.