❓ Question regarding legal costs incurred by the government-appointed supervisors and liquidator of Global Finance, including the selection process for legal representation and total costs to date. The Minister provides a detailed breakdown of legal counsel engaged, selection process, and costs incurred.
AnsweredQoN 115Legislative Assembly
QuestionView source ↗
115. Ms MacTIERNAN to the Minister for Fair Trading
(1) What lawyers have been engaged by the Government appointed supervisors of finance brokers, Global Finance?
(2) How were these lawyers selected?
(3) Is the Government paying the costs of these lawyers?
(4) If yes, what costs have been incurred to date?
(1) What lawyers have been engaged by the Government appointed supervisors of finance brokers, Global Finance?
(2) How were these lawyers selected?
(3) Is the Government paying the costs of these lawyers?
(4) If yes, what costs have been incurred to date?
AnswerView source ↗
Answered
14 November 2000
Response time
97 days
The Minister Replied:
I am advised;
(1) Until recently the Supervisor of Global Finance has not engaged any lawyers.
Barrister, Michael Hawkins was engaged by the Finance Brokers Supervisory Board to provide legal services to the Supervisor of Global Finance. In addition, Barrister Dr Jim O'Donovan has sometimes consulted on issues for which additional legal advice is required.
In October 2000, the Supervisor of Global Finance was asked to engaged his own legal services. I understand that the law firm Clayton Utz has been selected by the Supervisor.
The Liquidator of Global Finance has engaged Phillips Fox to assist him in the performance of some activities under the Corporations Law. In the absence of Commonwealth or other funding, the State Government has agreed to fund the Liquidator to conduct a public examination of certain parties associated with Global Finance, in addition to recovery action against the directors of Global Finance.
(2) An invitation to provide quotations was forwarded by the Finance Brokers Supervisory Board to four legal practitioners and Mr Hawkins was selected from the responses received. Dr O'Donovan of the Law Faculty at the University of Western Australia was not part of that process but is consulted as required because he is considered to have expert knowledge in this area of law.
From October 2000, the Supervisor makes his own commercial decisions in relation to the selection of legal support and will recoup the cost of this service from the Ministry of Fair Trading. A similar arrangement applies to the Liquidator of Global Finance.
(3) Yes
(4) Mr Hawkins also provides services to support the Supervisor and Liquidator of Grubb Finance. Similarly, Dr O'Donovan also, provides services to the Supervisor of Grubb Finance. As at 31 October 2000, payment by the Ministry to Messrs Hawkins and O'Donovan in respect of both Global Finance and Grubb Finance matters was as follows:
Mr Hawkins $231,280
Dr O'Donovan $ 36,362
As at 31 October 2000, the Supervisor has not sought re-imbursement from the Ministry for any costs incurred in respect of services provided by Clayton Utz.
As at 31 October 2000, payment to Phillips Fox in respect of services provided to the Liquidator of Global Finance was $38,899.
I am advised;
(1) Until recently the Supervisor of Global Finance has not engaged any lawyers.
Barrister, Michael Hawkins was engaged by the Finance Brokers Supervisory Board to provide legal services to the Supervisor of Global Finance. In addition, Barrister Dr Jim O'Donovan has sometimes consulted on issues for which additional legal advice is required.
In October 2000, the Supervisor of Global Finance was asked to engaged his own legal services. I understand that the law firm Clayton Utz has been selected by the Supervisor.
The Liquidator of Global Finance has engaged Phillips Fox to assist him in the performance of some activities under the Corporations Law. In the absence of Commonwealth or other funding, the State Government has agreed to fund the Liquidator to conduct a public examination of certain parties associated with Global Finance, in addition to recovery action against the directors of Global Finance.
(2) An invitation to provide quotations was forwarded by the Finance Brokers Supervisory Board to four legal practitioners and Mr Hawkins was selected from the responses received. Dr O'Donovan of the Law Faculty at the University of Western Australia was not part of that process but is consulted as required because he is considered to have expert knowledge in this area of law.
From October 2000, the Supervisor makes his own commercial decisions in relation to the selection of legal support and will recoup the cost of this service from the Ministry of Fair Trading. A similar arrangement applies to the Liquidator of Global Finance.
(3) Yes
(4) Mr Hawkins also provides services to support the Supervisor and Liquidator of Grubb Finance. Similarly, Dr O'Donovan also, provides services to the Supervisor of Grubb Finance. As at 31 October 2000, payment by the Ministry to Messrs Hawkins and O'Donovan in respect of both Global Finance and Grubb Finance matters was as follows:
Mr Hawkins $231,280
Dr O'Donovan $ 36,362
As at 31 October 2000, the Supervisor has not sought re-imbursement from the Ministry for any costs incurred in respect of services provided by Clayton Utz.
As at 31 October 2000, payment to Phillips Fox in respect of services provided to the Liquidator of Global Finance was $38,899.
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