Welcome to Addisons Insolvency Update for March 2012.
Recent months have brought a myriad of legal developments in the
insolvency/restructuring field. We report on some of these
below.
De Facto Directors
The Full Federal Court has found that an external consultant who
was critically involved in the key strategic planning and
management of a mining company was in fact a section 9 director in
Grimaldi v. Chameleon Mining NL (No 2) [2012] FCAFC 6.
Litigation Funding and Liquidator Proceedings
Litigation funding continues to rise as do the size and
complexity of funded actions, including class actions and funded
liquidator proceedings. The ASIC has extended interim class relief
to lawyers and funders involved in legal proceedings structured as
funded representative proceedings. Other developments include a
recent Federal Court decision increasing the scope of liquidator
access to documents.
