A contradictor investigating alleged professional misconduct on the part of the legal team and funder behind a class action against failed Banksia Securities will subpoena the bank records of deceased class action lawyer and funder Mark Elliott and associated companies. Meanwhile, the barrister for the lead applicant has returned her brief on the eve of trial, on the advice of the bar ethics committee.
Citing the “crippling financial impact” of the coronavirus pandemic, Australian swimwear company Seafolly has become the latest fashion retailer to enter voluntary administration.
A private investment fund has failed again in its bid for damages from collapsed global advisory firm Babcock & Brown over a botched $1.4B acquisition of a US-based laundry equipment provider.
Virgin’s administrators have reached a deal with Bain Capital to buy the airline and its subsidiaries, saying Friday US investment firm had made a “strong and compelling” bid to keep Australia’s second airline operating and secure the jobs of thousands of workers.
A challenge to a judgment which found that one partner of a corporate insolvency firm “ambushed” the other to leave the business has been partially overturned by an appeals court.
A court has granted a bid by two directors of Thai Airways to preserve the airline’s Australian assets as the company, which was hit hard due to the COVID-19 pandemic, undergoes an urgent restructure in Thailand.
Final bids for Virgin Australia were lodged on Monday by investment firm Bain Capital and private equity investor Cyrus Capital Partners, and the struggling airline’s administrators are giving themselves a week to pick a winner.
While some judges have suggested a deed of company arrangement can be terminated at the comparatively low threshold that a liquidator may be “potentially” successful in litigating a claim, this is clearly not the test after a recent Full Federal Court ruling that affirms the high standard to be met by any challenge to a DOCA, where the deed compromises a commercial dispute, writes Baker McKenzies’ David Walter, Maria O’Brien and Ian Innes.
To avoid a creditor panic in the midst of the COVID-19 health crisis, the NSW Supreme Court has appointed a receiver instead of a liquidator to a rural hotel that is the centre of a deadlocked shareholder dispute over more than $2.7 million.
There may not be enough registered liquidators in Australia to respond to a possible wave of COVID-19 insolvencies, the Australian Securities and Investment Commission has warned.