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Was Westpoint wound up while solvent?

by Hilary Kincaid 17. August 2010 07:36

Wrangling in the Federal Court on Friday revolved around whether critical documents regarding the failure of the company, including a report by Deloitte into the solvency of Westpoint, should be released.

ASIC has commenced proceedings against the directors of the Westpoint mezzanine companies, and Westpoint founder Norm Carey has made a counter-claim against ASIC for malfeasance in public office - on the basis that Westpoint was solvent at the time of ASIC's actions.

Justice Finkelstein has made draft orders to the effect that the report should be released. More detail is available in the concise report by Adele Ferguson in today's SMH.






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