"Last month King's creditors quietly agreed to a two-year ''personal insolvency agreement'' with the founder of the financial group, which collapsed last year owing more than $1 billion."
and from this thread ..
"The Gold Coast Bulletin yesterday reported Arthur Carney, of Sydney firm Carneys Lawyers, was not expecting a defence from Mr King against the class action as Mr King had been declared bankrupt." and... "Mr King has agreed to repay an undisclosed part of the debt, thwarting bankruptcy proceedings."
He has not been declared bankrupt and is giving a defence.
PTQ action has focused in on the Fortress 'secured' status and ASIC have moved to target documents re their loans/security, as far as I can makeout. The high court hearing targets this, too, I think. Solvency hangs in there with a ? and that might affect later transactions? Is that right?
I am not qualified, but this is what I see happening, now. ASIC action could affect High court appeal and therefore it was important it came first..right?
OCV Price at posting:
0.0¢ Sentiment: None Disclosure: Held
