Directors of steel producer Arrium continued to borrow money from “vulnerable” lenders in the months prior to the company’s $2.8 billion collapse and “bled cash” despite the inevitable end, a number of lenders have said on the first day of a 40-day trial in the NSW Supreme Court.
A tax agent and accountant who conducted multiple tax exploitation schemes between 2011 and 2015 has been hit with a $22.7 million penalty, the largest ever against a tax promotor.
The directors of steel giant Arrium, which collapsed owing $4 billion in debts, should have known earlier that the company was in a “liquidity crisis” and was trading while insolvent, liquidators for the company allege.
A judge has indicated that he will allow Arrium Group’s liquidator to give expert evidence at an upcoming trial in proceedings against the steel giant’s former directors over its $4 billion collapse, despite his other role as a party in the case.
A judge has refused a bid to bring claims against law firm Herbert Smith Freehills in one of three lawsuits that will soon head to trial over the $4 billion collapse of steel giant Arrium Group.
The Australian Taxation Office has been blocked from indirectly recouping GST lost in a major tax scam by allegedly crooked gold traders with the Full Federal Court finding a $208 million demand sent to a defunct gold refiner had incorrectly interpreted the GST Act.
A judge overseeing the Ruby Princess class action has cautioned funders against “double dipping” when seeking payouts from group members, while cruise line Carnival has attempted to shift part of the blame for the COVID-19 debacle onto the Prime Minister.