OneVue to commence legal proceedings against China-Taiping
OneVue subsidiary, Diversa, and receivers for SC Australian Holdings 1 are commencing legal proceedings against China-Taiping in the Federal Court of Australia to seek orders and declaratory relief.
In an announcement to the Australian Securities Exchange (ASX), OneVue said it had been unable to reach an agreement with China-Taiping on its asserted security interest over the Madison Financial Group and Sequoia Financial Group sale proceeds realised by receivers of SC Australian Holdings 1, and payment of the receivers’ costs from the Madison sale proceeds.
The orders and declaratory relief sought included:
- Diversa (and not China-Taiping) holds a first ranking security over the Madison sale proceeds and Diversa was entitled to payment of the Madison sale proceeds;
- The receivers’ costs of realising Madison would be paid from the Madison sale proceeds;
- China-Taiping did not hold any security over the Sequoia sale proceeds realised by the receivers for Diversa’s benefit; and
- China-Taiping was to pay Diversa’s legal costs in the proceedings.
OneVue noted that it considered it necessary to commence court proceedings to resolve the dispute and finalise the realisation of the Madison and Sequoia proceeds.
“OneVue’s potential recovery (in any) in respect of Madison and Sequoia will depend on the court’s determination of the issues of fact and law relevant to the determination of Diversa’s and China Taiping competing claims to the sale proceeds,” the announcement said.
OneVue is in the process of being acquired by Iress that has launched an equity raising for the acquisition.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
