ANZ set for liquidator scrap
(14 December 2009 – Australia) ANZ could be set to engage in a fight with the liquidators of failed margin lender, Primebroker Securities over, A$100 million.
The Sydney Morning Herald reported that the liquidators of the failed margin lenders are in talks to negotiate a litigation funding deal that will pave the way for legal action against ANZ.
The litigation will see the liquidators use the funds to take legal action against the bank to overturn a A$100 million charge ANZ obtained over Primebroker’s assets just months before it collapsed.
Laurie Fitzgerald, leading the liquidators, told BusinessDay that Primebroker was insolvent when the charge was taken in February last year; what the liquidators are seeking is primarily having the charge overturned and freeing up all the assets the bank has received under the charge.
The litigation will see the liquidators use the funds to take legal action against the bank to overturn a A$100 million charge ANZ obtained over Primebroker’s assets just months before it collapsed.
Laurie Fitzgerald, leading the liquidators, told BusinessDay that Primebroker was insolvent when the charge was taken in February last year; what the liquidators are seeking is primarily having the charge overturned and freeing up all the assets the bank has received under the charge.
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