The Australian High Court has handed down judgment in a long-running dispute concerning former ASX listed Arrium Limited. The decision will be welcomed by individuals (particularly shareholders) and litigation funders, who may be seeking to conduct investigations into potential claims against a company in external administration, counterparties to that entity, its former or current advisors or its directors and officers.
As a consequence of the findings individuals, who are able to obtain ASIC (Australian Securities and Investments Commission) eligible status, and their litigation funders, may now be able to conduct public examinations into the affairs of a corporation in external administration before incurring the risk and cost of substantive proceedings.
Our second litigation funding alert discusses the decision in more detail.
Our first article looking at Australia’s litigation funding reforms, can be accessed here.
