Two former directors of collapsed business and IT solutions provider Starcom Group have failed in their attempt to toss a referee’s report that found the company was insolvent 22 months before it was wound up.
Ex-Tennis Australia directors lose bid for ASIC chats with witnesses
Federal Court approval of funding commission recognises risks faced by funders
In a recent decision, Federal Court Justice Jonathan Beach approved the settlement of the securities class action against Sirtex Medical. The approval included the judge making a common fund order and allowing funder IMF Bentham’s commission in the amount of $10 million, namely 25% of the gross settlement sum of $40 million. In approving the commission, Justice Beach noted that the rate should properly provide a reward for the risks undertaken by the funder, writes IMF Bentham’s Gavin Beardsell and Kate Hurford.