Long-suffering clients of fallen stockbroker BBY are set to receive their first payout in five years as the firm's former director, Australian tennis legend Ken Rosewall, prepares to face court action over its collapse.
Liquidators from KPMG are preparing to return $21 million to BBY clients in coming weeks. The first distributions will come ahead of a civil trial in the Supreme Court of NSW brought by KPMG against Mr Rosewall over the $3.3 million paid by BBY to his private company in 2014 when the broker was already insolvent.
BBY's executive chairman was Mr Rosewall's son, Glenn Rosewall, who entered bankruptcy in 2019 and remains an undischarged bankrupt.Liquidators' court examinations of the main players at BBY in 2016 shone a light on a range on unusual trading practices at the Sydney-headquartered trading house.
Liquidators are pursuing the 85-year-old tennis legend over the return of $3.3 million from BBY after he provided a loan to the firm to help cover the Aquila margin call. Liquidators allege Mr Rosewall received the return when others were not paid out and at a time when BBY was insolvent. He is defending the claim. Mr Rosewall could not be reached for comment.
sdanck BBY? don't know.
sdanck They waited long enough...pathetic.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ash Barty falls behind tennis superstarsAsh Barty may have become tennis’ most dominant female on the court, but it’s off the court where she is a long way from the top. And the point is? Serena is one of the most recognisable athletes on the planet so not remotely comparable sponsorship opportunities. I think the writer has a bit of envy. Barty makes $ 18 million in 2019 and according to him that's not good enough! “Ash Barty may have become tennis’ most dominant female on the court”.....not so sure about that.
Source: newscomauHQ - 🏆 9. / 77 Read more »
The 'profound shift' under way in Australia's family law courtsIt is not often a court strongly discourages litigation, but the family courts are far from typical courts. MWhitbourn We haven’t got SARS virus vaccine since 2003 becoz it’s manmade, not from nature! Let alone SARSCoV2, the enhanced version of SARS1. just like a cow that has a deer head, rabbit's ears, and monkey's hands. It's 100% Bioweapon. CCPVirus LimengYan MWhitbourn yer tell me about it. He can abuse you for years, don't matter his rights always MWhitbourn Family court the biggest joke/ nightmare with lawyers the only people ever winning anything.
Source: smh - 🏆 6. / 80 Read more »
Thunderbirds beat Magpies to climb into Super Netball top fourOnce the pushovers of Super Netball, the improving Adelaide Thunderbirds beat the Collingwood Magpies 60-52 to record back-to-back wins on the Sunshine Coast. gpb1979 FYI Oh great thanks Who won the footy?
Source: abcnews - 🏆 5. / 83 Read more »
Widow of judge murdered by Family Court bomber 'spent 40 years in fear', court toldKristin Opas tells a court she has spent 40 years looking over her shoulder fearing Leonard Warwick would find her after he shot dead her husband on their doorstep in 1980.
Source: abcnews - 🏆 5. / 83 Read more »
On night three, Obama, policy take centre stage in the Democratic conventionYes, there was Trump bashing. But the Democrats finally got around to explaining their vision for America and making an affirmative case for Joe Biden. KnottMatthew Yes, her speech was really something to behold. I was awestruck. Jokes - it was boring as batshit. KnottMatthew KnottMatthew
Source: smh - 🏆 6. / 80 Read more »
The man who smashed into Hijab House has avoided jailBREAKING: The driver who smashed into a Western Sydney hijab shop has found out when he can get back behind the wheel after a major twist in his court case. I read the article. What was the major twist? Do we know if any of the 12 people were actually injured?
Source: newscomauHQ - 🏆 9. / 77 Read more »