Liquidators press on

Liquidators of ABC Learning can proceed with legal action to recover $244 million from a bank syndicate, after a judge agreed the liquidators could use the services of litigation funder IMF Australia. Justice Peter Jacobson of the Federal Court in NSW found there was no conflict of interest.

By InvestSMART · 20 Mar 2013

By InvestSMART ·
20 Mar 2013

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Frequently Asked Questions about this Article…

What did the Federal Court rule about the ABC Learning liquidation case?

The Federal Court in NSW allowed the liquidators of ABC Learning to proceed with legal action to try to recover $244 million from a bank syndicate, after approving their use of a litigation funder.

How much are ABC Learning's liquidators seeking to recover from the bank syndicate?

According to the article, the liquidators are seeking to recover $244 million from a bank syndicate.

Can ABC Learning’s liquidators use IMF Australia to fund the legal action?

Yes. Justice Peter Jacobson of the Federal Court agreed the liquidators could use the services of litigation funder IMF Australia to support the legal action.

What did Justice Peter Jacobson find regarding conflicts of interest in this case?

Justice Peter Jacobson found there was no conflict of interest in the liquidators’ arrangement to use IMF Australia as a litigation funder.

Who is the target of the recovery action mentioned in the article?

The recovery action is aimed at a bank syndicate, which the liquidators allege is liable for the $244 million they seek to recover.

Does the article say what IMF Australia will specifically do in the ABC Learning case?

The article states the liquidators were allowed to use the services of litigation funder IMF Australia, but it does not provide details on the specific services or terms.

Will this court ruling immediately return money to ABC Learning stakeholders or investors?

The article does not state that any funds have been returned. It reports the court decision allows the liquidators to proceed with legal action to try to recover $244 million, but it does not describe any immediate recovery or distribution.

What are the next steps after the Federal Court decision in the ABC Learning matter?

Per the article, the next step is that the liquidators can proceed with legal action to recover $244 million from the bank syndicate using IMF Australia’s services. The article does not outline further procedural details or timelines.