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Slater and Gordon to investigate Hastie Group collapse

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Media Release

Published on

National law firm Slater and Gordon has confirmed that it has been approached by dozens of affected shareholders since the collapse of the Hastie Group (Hastie) in late May 2012.

Commercial & Project Litigation lawyer, Ben Hardwick, said a number of these investors were employees of Hastie, who obtained shares through the employee share scheme and for whom this collapse meant the loss of their job, as well as their investments.

“Slater and Gordon welcomes the release of the Administrator’s Report to Creditors, and has commenced an investigation into the potential claims available to investors to recover their devastating losses. These include claims against Hastie’s directors, auditor and professional advisors,” Mr Hardwick said.

“In the course of its investigation, Slater and Gordon will seek to work with the Administrators and any future Liquidators of Hastie in order to advance the interests of Hastie’s shareholders,” he said.

The firm has previously acted to protect investors’ interests in major liquidations and administrations, such as that of Opes Prime Group, Sonray Capital Markets and the ION Group.

Background

Hastie went into voluntary administration on 28 May 2012, leaving 2,700 people without work and owing over half a billion dollars in debt. PPB Advisory yesterday released its Report to Creditors ahead of the creditors meetings being held on 30 and 31 January 2013. The report detailed the likely reasons for Hastie’s failure and highlighted a number of potential breaches of statutory and general law duties by the company’s directors, auditor and professional advisors.