The second lender claim from Westpac, Chinas Bank of Communications and Spains Banco Bilbao Vizcaya Argentaria alleges both insolvent trading and material adverse effect (MAE) against remaining Arrium treasury employees Ms Sparkes and Mr Bakewell.
Marcus Pesman, SC, who represented the Arrium directors in the liquidator action as well as Mr Bakewell across all three actions, argued an MAE had not occurred at all.
If the MAE can only be established by extensive analysis of the financial performance of Arrium … then it is logically, we say, impossible for Mr Bakewell or anybody else to perform that exercise as at the date of each of the drawdowns, Mr Pesman said on May 11.
So that whatever else is going on, there is no possibility that …
Read the full article at: https://www.afr.com/companies/manufacturing/arrium-courtroom-saga-awaits-judge-s-ruling-20210518-p57sti
