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Virgin Australia's administrators have whittled down the list of eligible bidders for the struggling airline to two, with investment firm Bain Capital and private equity investor Cyrus Capital Partners the only potential purchasers allowed to make final offers.
A court has ruled that a litigation funder backing an unsuccessful real estate lawsuit by two broke plaintiffs must cover the legal costs after finding that the funder's goals in the case were "more to serve its own commercial and financial ends" than to assist its clients.
Virgin Australia’s administrators will not be responsible of any overpayments of the JobKeeper allowance, which is currently being claimed on behalf of thousands of the embattled airline’s employees.
The Virgin Australia administration continues to boost billables at the top end of town, with a short list of “well-funded” buyers revealed on Monday and an intense four weeks ahead as the bidders and their law firms scramble to make binding offers by the mid-June deadline.
The administrators of Virgin Australia have been absolved of personal liability for the ongoing operation of the embattled airline on an unprecedented scale, with Australia’s airline duopoly and the effects of the COVID-19 pandemic justifying the “extraordinarily wide” orders.
An Ashurst partner is at risk of being evicted from his Point Piper home after allegedly refusing to pay a $150,000 special levy.
The COVID-19 pandemic and government social distancing restrictions were reasons to be flexible in applying and adapting the law, the judge overseeing the administration of Virgin Australia has said in exempting administrators from liability for unpaid leases and allowing Thursday's meeting of the airlines' creditors to be held by teleconference.
The funder behind the Banksia Securities class action has failed in a bid to have an outstanding case over legal fees and its commission sent to mediation, with a judge saying the issues for trial involve allegations against lawyers of serious misconduct not appropriate for closed-door negotiations.
The liquidators of defunct stockbroker Halifax are justified in their decision to refrain from realising existing investments over the protests of some investors, until substantive issues in the liquidation are resolved, a court has directed.
The administrators of Virgin Australia will not have to pay the troubled carrier’s aircraft and other lease payments, after a court granted them a temporary exemption from liability.