The Halifax AU & NZ Litigation Funding Scheme
To read the Maddocks letter sent by the Liquidators to all investors in Halifax Au and Halifax NZ, click here
This litigation funding scheme (Scheme
) has been registered with ASIC for the purposes of funding the appeal made for the benefit of “Category 1 Investors” of the following judgments:
- In the matter of Halifax Investment Services Pty Ltd (in liquidation) v Loo  FCA 531 (AU Judgment); and
- Halifax New Zealand Limited (in liquidation) v Loo  NZHC 1113 (NZ Judgment).
(the appeals of the AU Judgment and NZ Judgment are together, the Appeals
Category 1 Investors are those investors in Halifax Investment Services Pty Ltd (in liquidation) (Halifax AU
) or Halifax New Zealand Limited (in liquidation) (Halifax NZ
) whose proportionate entitlement to or share of funds from the deficient mixed fund will be higher after realisation of all extant investments than it was on the date administrators were appointed to Halifax AU and Halifax NZ. Administrators were appointed to Halifax AU on 23 November 2018 and were appointed to Halifax NZ on 27 November 2018 (the Administration Date(s)
The Appeals have been brought by Mr Choo Boon Loo. Mr Loo was the representative of the Category 1 Investors appointed by the Court(s) pursuant to the relevant insolvency regulations in Australia and New Zealand respectively, in respect of the legal proceedings the subject of the AU Judgment and NZ Judgment. Maddocks will be acting for Mr Loo in the Appeals and Ian Jackman SC, Elliot Hyde and Robert Pietriche are briefed as counsel.
Broadly, Mr Loo will claim in the Appeals that the Honourable Justice Markovic of the Federal Court of Australia and the Honourable Justice Venning of the High Court of New Zealand (Primary Judges
- erred in concluding that the Liquidators of Halifax AU and Halifax NZ were, subject to certain other orders, justified in adopting the Administration Date(s) as the date at which the proportionate entitlements of the clients of Halifax AU and Halifax NZ should be valued; and
- ought to have concluded that the Liquidators of Halifax AU and Halifax NZ were to have calculated the proportionate entitlements of the clients of Halifax AU and Halifax NZ as close as possible to the distribution date and, in any event, only after the Liquidators realised all extant investments (the Proper Valuation Date).
If Mr Loo succeeds in the Appeals and the Category 1 Investors entitlements from the Liquidation of Halifax AU or Halifax NZ are valued at the Proper Valuation Date, Category 1 Investors will likely receive an increased distribution from the Liquidation of Halifax AU and Halifax NZ (the Increased Liquidation Distribution Amount
Who is a member of the Scheme?
Only Category 1 Investors may be members of the Scheme.
How much will it cost a Category 1 Investor to join the Scheme?
You will not become liable for any legal costs simply by applying to join the Scheme. You will never be required to pay any upfront or out-of-pocket costs in respect of the Appeals.
The costs of the Appeals (the Project Costs
) will be met by Omni Bridgeway. In order for Omni Bridgeway to receive a return for its funding of the Appeals, Mr Loo will apply for an order from the Court in the Appeals (the Funder Distribution Order
) that will entitle Omni Bridgeway to a share of the Increased Liquidation Distribution Amount.
Category 1 Investors, whether they have applied to become a member of the Scheme or not, are likely to all benefit from an Increased Liquidation Distribution Amount resulting from Mr Loo being successful in the Appeals funded by Omni Bridgeway. In this respect, a Funder Distribution Order, if made, will ensure that the Project Costs and Omni Bridgeway’s return for paying the Project Costs, are shared equally amongst all Category 1 Investors.
How can Category 1 Investors join the Scheme?
You can register your interest to receive information about applying to join the Scheme and about any key developments as the Appeals progress.
If you are a Category 1 Investor, you can apply to be a member of the Scheme and to participate in the Scheme by completing and returning the Application Form which is set out in the Product Disclosure Statement (PDS
) for this Scheme. A copy of the PDS can be accessed here
and should be read in its entirety prior to submitting an application.
If your application to become a member of the Scheme is accepted, you will be able to access updates about the progress of litigation on this website with unique log on details that will be issued to you once your application to become a member of the Scheme has been accepted.
Please note that registering an expression of interest with Omni Bridgeway does not represent an offer to participate in a Litigation Funding Scheme and is not a commitment by any person to fund in respect of the matters set out on this website. Omni Bridgeway also notes the following:
- This website is established for the sole purposes of providing Category 1 Investors of Halifax AU and Halifax NZ with information regarding the Appeals;
- any offer to participate in a Litigation Funding Scheme shall only be done by way of the PDS issued by Omni Bridgeway Investment Management Limited (ACN 642 086 593, AFSL No. 524023) in respect of the Litigation Funding Scheme - which can be accessed using the above link;
- By registering an interest in applying to be a member of the Scheme, you consent to Omni Bridgeway Investment Management Limited or Omni Bridgeway Limited (Authorised Representative of Omni Bridgeway Investment Management Limited) (ABN 45 067 298 088, Authorised Representative No 1283703) contacting you and providing further information in relation to litigation funding.
- To the extent that a Product Disclosure Statement (PDS) is made available, you should consider with or without the assistance of your professional advisers whether or not to apply to be a member in the Scheme to which the PDS relates.
If you have any questions you can contact the Omni Bridgeway Client Liaison Team in our Perth office by email on [email protected]
or by calling 1800 016 464
(free call in Australia) or 61 8 9225 2322
Omni Bridgeway Limited is responsible for the contents of this website.