Australian Unity loses legal battle
Australian Unity has lost a legal dispute over the sale to Calliden of its general insurance business.
The Supreme Court of New South Wales found that Australian Unity had breached the share sale deed in regard to the post-completion adjustment of the purchase price in July 2007.
Calliden argued that the deed it entered into with Australian Unity provided for an adjustment in the purchase price if the combined net tangible assets at the date of completion were different to those upon which the purchase price was based and provided a procedure for the calculation of the combined net tangible assets at the date of completion.
Calliden said based on actuarial advice it has received to date, it believes that the purchase price should be adjusted in its favour by between $3 million and $4 million.
Proceedings have been relisted for next week to make final orders and hear submissions on costs.
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
