Liquidators seek investigation into builder Privium’s $80m collapse

Privium’s liquidators are seeking funding for a public examination into the reasons behind the building firm’s $80m collapse.

Glen Norris Follow 2 min read November 15, 2023 - 12:00AM

The Australian Business Network

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Liquidators of failed building company Privium still want their day in court to unravel the reasons behind the $80m collapse of the firm two years ago.

A report to creditors from FTI Consulting’s Joanne Dunn reveals funding for a public examination in the Federal Court is now being sought from Bank of New York Mellon, one of Privium’s secured lenders.

Dunn said the approach to the bank to bankroll the examination comes after the Australian Securities and Investments Commission (ASIC) rejected a similar approach.

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SubbiesUnited note:

Total waste of money, in fact it would be better for the director than the creditors. Anything discovered cannot be used to convict if it is the Alan Bond defence of "privilege" which means the lawyers examining the directors cannot use the answers for prosecution.