- Litigation-funders now have added impetus to bring class actions against insolvent companies on behalf of both on-market share purchasers and subscribers, since the distinction has effectively been waived. Liquidators, administrators and financiers should give careful consideration to this decision and their approach to assessing the value of shareholders who allege they were misled into purchasing or refraining from selling the shares of a company.
March 28, 2007 at 08:05 PM
1 minute read
The original version of this story was published on Legalweek
A decision by the High Court of Australia has made shareholders equal to creditors in insolvency claims
The High Court of Australia handed down an important decision on 31 January, 2007, in Sons of Gwalia v Margaretic. By ruling that shareholders who have been misled or deceived by a company are able to claim compensation on an equal basis with creditors, they reversed the traditional position.
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