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Law firm Sophie Grace has settled a lawsuit brought by collapsed forex broker Gallop International Group claiming its failure to ensure the company complied with its obligations as a holder of an Australian financial services licence led to $15.4 million in investor funds being loaned to the company's director in Hong Kong.
Mayfair 101 has settled with liquidators of collapsed IPO Wealth Holdings after they won a bid to re-examine former director James Mawhinney over the transfer of “considerable funds and assets” from the fund to other entities.
PwC partners are facing "very serious" allegations that they had actual knowledge that a $30 million dividend payment to the director of now defunct tertiary education provider Cornerstone was unlawful.
Bill Papas' business partner Vince Tesoriero has won the release of $1.25 million to pay for his legal fees in Westpac’s fraud case against him, despite a judge’s finding that disclosure concerning his true financial position was “less than ideal” and included “staggering” discrepancies.
Forum Finance director Vince Tesoriero has been caught out for failing to declare over $150,000 to the court, as he took the stand to defend evidence given about his financial position in Westpac’s fraud case against him.
His property development empire was saved from liquidation, but Daniel Grollo is still being hounded by creditors, with Bank of Queensland suing the Grocon CEO for the outstanding balance on a $12 million home loan.
A judge has ordered a defunct telecommunications company to pay $450,000 in penalties for flouting orders requiring it to pay out over $63,000 to its customers.
A judge has told Forum Finance director Vince Tesoriero to “revisit” evidence about his true financial position if he wants to win the release of $1.25 million to pay for his defence in Westpac’s fraud case against him, amid concerns about whether he has made full disclosure to the court.
The corporate regulator has reprimanded a liquidator for “serious” breaches of independence rules, and has directed the insolvency practitioner to refuse appointments until next year.
Virgin Australia has been ordered to disclose whether its insurer has agreed to indemnify it for any liability it may have in a shareholder class action over a prospectus for a $324 million capital raising just months before it filed for administration.