Liquidator for Xpress Fuel Australia Secures Financing from Ironbark Funding
One of the most potent use cases of litigation finance can often be found in cases of insolvency proceedings, where liquidators can access third-party funding to pursue meritorious claims and recoup lost value for creditors. In a post on LinkedIn, Aston Chase Group (ACG) announced that it had received creditor approval to secure litigation funding to pursue claims as the liquidator for Xpress Fuel Australia Pty Limited. Following its appointment as the liquidator for the Australian fuel supplier, along with Xpress Transport Solutions and Xpress Group Australia, ACG has secured legal financing from Ironbark Funding. The litigation funding will allow ACG to pursue lawsuits against other fuel companies over claims of ‘unfair preferential payments in excess of $40m’. ACG explained that the additional capital would support its efforts ‘to undertake detailed investigations and bring mothership proceedings for the benefit to the overall body of creditors.’ ACG’s Rajiv Goyal, Ian Niccol, and Andrew McEvoy, have all been added as liquidators to the appointment, with legal support provided by Noel McCoy, a specialist restructuring and insolvency lawyer at Norton Rose Fulbright.