to all ptn unit holders!!, page-13

hello chaps,
l have been involved in a number of similar situations and my commentary is thus;

Action against the company is useless because any award is lumped in with unsecured creditors and secured creditors are ahead of us.

the only other means that l know of is to claim against the insurance policies of directors of the company for ; "negligence, false or misleading conduct"
now the problem here is that a copy of the insurace contract needs to be obtained and then scrutinized by a top legal expert in this area.
no doubt insurance will debate any claims in court, it will drag out for years etc , etc, At the end of the day l cant see anything more than a cent or two coming out of it, and l personally would prefer to write the lot off and move onto something more constructive.

Your feedback and comments invited !
LZA