The receivers for funds manager Equititrust, who are suing the name partners of law firm Tucker & Cowen, have failed in their bid to have further security for costs paid in the form of deeds of indemnity, despite telling the court that funder Vannin might withdraw its support for the litigation.
A judge has criticised “inflammatory” and misleading comments Mayfair 101’s director made to investors regarding attempts to wind up firms associated with the IPO Wealth investment scheme.
A self-represented James Mawhinney, the director of troubled Mayfair 101 director, has accused ASIC in court of misleading the judge in an ex-parte application brought in August that saw provisional liquidators appointed to the investment firm and Mawhinney banned from transferring assets out of Australia.
The Australian Securities and Investments Commission has brought legal proceedings against four directors of Linchpin Capital Group, the latest action over the financial services firm that allegedly funnelled $11 million of investor funds into unauthorized business and personal loans.
The son of controversial class action lawyer Mark Elliott has hired a big gun barrister to represent him in the Banksia class action proceedings and will be asking the judge overseeing the case against him to step aside.
Lawyer Alex Elliott, the son of the funder behind the Banksia Securities class action, has been ordered to give a “full, frank and honest” explanation of his role in an alleged fraudulent scheme to inflate legal fees in the case, and he risks his career if he’s not forthcoming.
STA Travel has filed for insolvency as the latest high profile travel and tourism business hit hard by the economic impacts of the COVID-19 pandemic.
The second meeting of creditors of embattled cladding manufacturer Fairview Architectural has been pushed back to give administrators more time to work out what is in the best interests of creditors, after the lead applicant in a class action against the cladding manufacturer submitted a $5.8 million claim.
The son of controversial funder and lawyer Mark Elliott has been joined to proceedings alleging the lawyers behind the Banksia Securities class action conspired to pocket excessive fees in the case, after a court heard there was a “litany” of evidence he was party to the alleged fraudulent scheme.
A judge has appointed provisional liquidators to investment firm Mayfair 101 and has banned director James Mawhinney from transferring any assets out of Australia, after the corporate regulator told the court Mawhinney could face criminal charges.