❓ Mr Watson asks about the Finance Brokers Litigation Fund, and Mr Kobelke provides details on applications received, estimated losses, and the application deadline. The fund was established to assist investors affected by the finance brokers scandal.
AnsweredQoN 282Legislative Assembly
QuestionView source ↗
FINANCE BROKERS LITIGATION FUND
My question relates to funding investors’ legal actions to recover losses caused by the finance brokers scandal. I ask - (1) How many applications have been received? (2) What is the total estimated loss covered by these applications? (3) What is the deadline for the lodgment of these applications? Mr KOBELKE
My question relates to funding investors’ legal actions to recover losses caused by the finance brokers scandal. I ask - (1) How many applications have been received? (2) What is the total estimated loss covered by these applications? (3) What is the deadline for the lodgment of these applications? Mr KOBELKE
AnswerView source ↗
(1)-(3) I thank the member for Albany for his question, and I recognise his ongoing representations on behalf of his constituents who have been affected by the finance brokers scandal. The finance brokers litigation fund has been established by the Gallop Government in fulfilment of its election promise. Nine applications had been received by 14 August; seven of those were from syndicates, and two from individual investors. The smallest syndicate had five members, the largest had 62 members. The total estimated loss from those investments is $6.7 million. I have been advised that 117 information packs have been distributed to interested parties. Applicants must meet the criteria to determine their eligibility; namely, that the case will be determined in a manner favourable to the applicant, and that there is a reasonable likelihood that the applicant will be able to recover damages, or that cost be awarded against a potential defendant. Applications must also meet the class of matters - that is, the case must be against a finance broker or professional adviser. Applications will close on 14 September. This is necessary as the applications must be worked on and prioritised to determine the cases that are most likely to win. This does not mean that there will not be another round later. However, if applicants wish to be considered in this round, they must lodge their applications by 14 September. This leaves those investors who have lost money, or who are clearly in jeopardy of losing their money through the finance broking scandal, with a real choice. A private provider is now available in the insolvency management fund. Applicants have the choice of going to this fund, or they can apply to the finance brokers litigation fund. We hope they will seek advice, and discuss what may be in their interests. If it is in their interests to seek funding through the finance brokers litigation fund in an attempt to take legal action to recoup lost funds, or funds that are at risk, they must do so by 14 September.
(1) How many applications have been received? (2) What is the total estimated loss covered by these applications? (3) What is the deadline for the lodgment of these applications? Mr KOBELKE replied: (1)-(3) I thank the member for Albany for his question, and I recognise his ongoing representations on behalf of his constituents who have been affected by the finance brokers scandal. The finance brokers litigation fund has been established by the Gallop Government in fulfilment of its election promise. Nine applications had been received by 14 August; seven of those were from syndicates, and two from individual investors. The smallest syndicate had five members, the largest had 62 members. The total estimated loss from those investments is $6.7 million. I have been advised that 117 information packs have been distributed to interested parties. Applicants must meet the criteria to determine their eligibility; namely, that the case will be determined in a manner favourable to the applicant, and that there is a reasonable likelihood that the applicant will be able to recover damages, or that cost be awarded against a potential defendant. Applications must also meet the class of matters - that is, the case must be against a finance broker or professional adviser. Applications will close on 14 September. This is necessary as the applications must be worked on and prioritised to determine the cases that are most likely to win. This does not mean that there will not be another round later. However, if applicants wish to be considered in this round, they must lodge their applications by 14 September. This leaves those investors who have lost money, or who are clearly in jeopardy of losing their money through the finance broking scandal, with a real choice. A private provider is now available in the insolvency management fund. Applicants have the choice of going to this fund, or they can apply to the finance brokers litigation fund. We hope they will seek advice, and discuss what may be in their interests. If it is in their interests to seek funding through the finance brokers litigation fund in an attempt to take legal action to recoup lost funds, or funds that are at risk, they must do so by 14 September.
(2) What is the total estimated loss covered by these applications? (3) What is the deadline for the lodgment of these applications? Mr KOBELKE replied: (1)-(3) I thank the member for Albany for his question, and I recognise his ongoing representations on behalf of his constituents who have been affected by the finance brokers scandal. The finance brokers litigation fund has been established by the Gallop Government in fulfilment of its election promise. Nine applications had been received by 14 August; seven of those were from syndicates, and two from individual investors. The smallest syndicate had five members, the largest had 62 members. The total estimated loss from those investments is $6.7 million. I have been advised that 117 information packs have been distributed to interested parties. Applicants must meet the criteria to determine their eligibility; namely, that the case will be determined in a manner favourable to the applicant, and that there is a reasonable likelihood that the applicant will be able to recover damages, or that cost be awarded against a potential defendant. Applications must also meet the class of matters - that is, the case must be against a finance broker or professional adviser. Applications will close on 14 September. This is necessary as the applications must be worked on and prioritised to determine the cases that are most likely to win. This does not mean that there will not be another round later. However, if applicants wish to be considered in this round, they must lodge their applications by 14 September. This leaves those investors who have lost money, or who are clearly in jeopardy of losing their money through the finance broking scandal, with a real choice. A private provider is now available in the insolvency management fund. Applicants have the choice of going to this fund, or they can apply to the finance brokers litigation fund. We hope they will seek advice, and discuss what may be in their interests. If it is in their interests to seek funding through the finance brokers litigation fund in an attempt to take legal action to recoup lost funds, or funds that are at risk, they must do so by 14 September.
(3) What is the deadline for the lodgment of these applications? Mr KOBELKE replied: (1)-(3) I thank the member for Albany for his question, and I recognise his ongoing representations on behalf of his constituents who have been affected by the finance brokers scandal. The finance brokers litigation fund has been established by the Gallop Government in fulfilment of its election promise. Nine applications had been received by 14 August; seven of those were from syndicates, and two from individual investors. The smallest syndicate had five members, the largest had 62 members. The total estimated loss from those investments is $6.7 million. I have been advised that 117 information packs have been distributed to interested parties. Applicants must meet the criteria to determine their eligibility; namely, that the case will be determined in a manner favourable to the applicant, and that there is a reasonable likelihood that the applicant will be able to recover damages, or that cost be awarded against a potential defendant. Applications must also meet the class of matters - that is, the case must be against a finance broker or professional adviser. Applications will close on 14 September. This is necessary as the applications must be worked on and prioritised to determine the cases that are most likely to win. This does not mean that there will not be another round later. However, if applicants wish to be considered in this round, they must lodge their applications by 14 September. This leaves those investors who have lost money, or who are clearly in jeopardy of losing their money through the finance broking scandal, with a real choice. A private provider is now available in the insolvency management fund. Applicants have the choice of going to this fund, or they can apply to the finance brokers litigation fund. We hope they will seek advice, and discuss what may be in their interests. If it is in their interests to seek funding through the finance brokers litigation fund in an attempt to take legal action to recoup lost funds, or funds that are at risk, they must do so by 14 September.
Mr KOBELKE replied: (1)-(3) I thank the member for Albany for his question, and I recognise his ongoing representations on behalf of his constituents who have been affected by the finance brokers scandal. The finance brokers litigation fund has been established by the Gallop Government in fulfilment of its election promise. Nine applications had been received by 14 August; seven of those were from syndicates, and two from individual investors. The smallest syndicate had five members, the largest had 62 members. The total estimated loss from those investments is $6.7 million. I have been advised that 117 information packs have been distributed to interested parties. Applicants must meet the criteria to determine their eligibility; namely, that the case will be determined in a manner favourable to the applicant, and that there is a reasonable likelihood that the applicant will be able to recover damages, or that cost be awarded against a potential defendant. Applications must also meet the class of matters - that is, the case must be against a finance broker or professional adviser. Applications will close on 14 September. This is necessary as the applications must be worked on and prioritised to determine the cases that are most likely to win. This does not mean that there will not be another round later. However, if applicants wish to be considered in this round, they must lodge their applications by 14 September. This leaves those investors who have lost money, or who are clearly in jeopardy of losing their money through the finance broking scandal, with a real choice. A private provider is now available in the insolvency management fund. Applicants have the choice of going to this fund, or they can apply to the finance brokers litigation fund. We hope they will seek advice, and discuss what may be in their interests. If it is in their interests to seek funding through the finance brokers litigation fund in an attempt to take legal action to recoup lost funds, or funds that are at risk, they must do so by 14 September.
(1)-(3) I thank the member for Albany for his question, and I recognise his ongoing representations on behalf of his constituents who have been affected by the finance brokers scandal. The finance brokers litigation fund has been established by the Gallop Government in fulfilment of its election promise. Nine applications had been received by 14 August; seven of those were from syndicates, and two from individual investors. The smallest syndicate had five members, the largest had 62 members. The total estimated loss from those investments is $6.7 million. I have been advised that 117 information packs have been distributed to interested parties. Applicants must meet the criteria to determine their eligibility; namely, that the case will be determined in a manner favourable to the applicant, and that there is a reasonable likelihood that the applicant will be able to recover damages, or that cost be awarded against a potential defendant. Applications must also meet the class of matters - that is, the case must be against a finance broker or professional adviser. Applications will close on 14 September. This is necessary as the applications must be worked on and prioritised to determine the cases that are most likely to win. This does not mean that there will not be another round later. However, if applicants wish to be considered in this round, they must lodge their applications by 14 September. This leaves those investors who have lost money, or who are clearly in jeopardy of losing their money through the finance broking scandal, with a real choice. A private provider is now available in the insolvency management fund. Applicants have the choice of going to this fund, or they can apply to the finance brokers litigation fund. We hope they will seek advice, and discuss what may be in their interests. If it is in their interests to seek funding through the finance brokers litigation fund in an attempt to take legal action to recoup lost funds, or funds that are at risk, they must do so by 14 September.
(1) How many applications have been received? (2) What is the total estimated loss covered by these applications? (3) What is the deadline for the lodgment of these applications? Mr KOBELKE replied: (1)-(3) I thank the member for Albany for his question, and I recognise his ongoing representations on behalf of his constituents who have been affected by the finance brokers scandal. The finance brokers litigation fund has been established by the Gallop Government in fulfilment of its election promise. Nine applications had been received by 14 August; seven of those were from syndicates, and two from individual investors. The smallest syndicate had five members, the largest had 62 members. The total estimated loss from those investments is $6.7 million. I have been advised that 117 information packs have been distributed to interested parties. Applicants must meet the criteria to determine their eligibility; namely, that the case will be determined in a manner favourable to the applicant, and that there is a reasonable likelihood that the applicant will be able to recover damages, or that cost be awarded against a potential defendant. Applications must also meet the class of matters - that is, the case must be against a finance broker or professional adviser. Applications will close on 14 September. This is necessary as the applications must be worked on and prioritised to determine the cases that are most likely to win. This does not mean that there will not be another round later. However, if applicants wish to be considered in this round, they must lodge their applications by 14 September. This leaves those investors who have lost money, or who are clearly in jeopardy of losing their money through the finance broking scandal, with a real choice. A private provider is now available in the insolvency management fund. Applicants have the choice of going to this fund, or they can apply to the finance brokers litigation fund. We hope they will seek advice, and discuss what may be in their interests. If it is in their interests to seek funding through the finance brokers litigation fund in an attempt to take legal action to recoup lost funds, or funds that are at risk, they must do so by 14 September.
(2) What is the total estimated loss covered by these applications? (3) What is the deadline for the lodgment of these applications? Mr KOBELKE replied: (1)-(3) I thank the member for Albany for his question, and I recognise his ongoing representations on behalf of his constituents who have been affected by the finance brokers scandal. The finance brokers litigation fund has been established by the Gallop Government in fulfilment of its election promise. Nine applications had been received by 14 August; seven of those were from syndicates, and two from individual investors. The smallest syndicate had five members, the largest had 62 members. The total estimated loss from those investments is $6.7 million. I have been advised that 117 information packs have been distributed to interested parties. Applicants must meet the criteria to determine their eligibility; namely, that the case will be determined in a manner favourable to the applicant, and that there is a reasonable likelihood that the applicant will be able to recover damages, or that cost be awarded against a potential defendant. Applications must also meet the class of matters - that is, the case must be against a finance broker or professional adviser. Applications will close on 14 September. This is necessary as the applications must be worked on and prioritised to determine the cases that are most likely to win. This does not mean that there will not be another round later. However, if applicants wish to be considered in this round, they must lodge their applications by 14 September. This leaves those investors who have lost money, or who are clearly in jeopardy of losing their money through the finance broking scandal, with a real choice. A private provider is now available in the insolvency management fund. Applicants have the choice of going to this fund, or they can apply to the finance brokers litigation fund. We hope they will seek advice, and discuss what may be in their interests. If it is in their interests to seek funding through the finance brokers litigation fund in an attempt to take legal action to recoup lost funds, or funds that are at risk, they must do so by 14 September.
(3) What is the deadline for the lodgment of these applications? Mr KOBELKE replied: (1)-(3) I thank the member for Albany for his question, and I recognise his ongoing representations on behalf of his constituents who have been affected by the finance brokers scandal. The finance brokers litigation fund has been established by the Gallop Government in fulfilment of its election promise. Nine applications had been received by 14 August; seven of those were from syndicates, and two from individual investors. The smallest syndicate had five members, the largest had 62 members. The total estimated loss from those investments is $6.7 million. I have been advised that 117 information packs have been distributed to interested parties. Applicants must meet the criteria to determine their eligibility; namely, that the case will be determined in a manner favourable to the applicant, and that there is a reasonable likelihood that the applicant will be able to recover damages, or that cost be awarded against a potential defendant. Applications must also meet the class of matters - that is, the case must be against a finance broker or professional adviser. Applications will close on 14 September. This is necessary as the applications must be worked on and prioritised to determine the cases that are most likely to win. This does not mean that there will not be another round later. However, if applicants wish to be considered in this round, they must lodge their applications by 14 September. This leaves those investors who have lost money, or who are clearly in jeopardy of losing their money through the finance broking scandal, with a real choice. A private provider is now available in the insolvency management fund. Applicants have the choice of going to this fund, or they can apply to the finance brokers litigation fund. We hope they will seek advice, and discuss what may be in their interests. If it is in their interests to seek funding through the finance brokers litigation fund in an attempt to take legal action to recoup lost funds, or funds that are at risk, they must do so by 14 September.
Mr KOBELKE replied: (1)-(3) I thank the member for Albany for his question, and I recognise his ongoing representations on behalf of his constituents who have been affected by the finance brokers scandal. The finance brokers litigation fund has been established by the Gallop Government in fulfilment of its election promise. Nine applications had been received by 14 August; seven of those were from syndicates, and two from individual investors. The smallest syndicate had five members, the largest had 62 members. The total estimated loss from those investments is $6.7 million. I have been advised that 117 information packs have been distributed to interested parties. Applicants must meet the criteria to determine their eligibility; namely, that the case will be determined in a manner favourable to the applicant, and that there is a reasonable likelihood that the applicant will be able to recover damages, or that cost be awarded against a potential defendant. Applications must also meet the class of matters - that is, the case must be against a finance broker or professional adviser. Applications will close on 14 September. This is necessary as the applications must be worked on and prioritised to determine the cases that are most likely to win. This does not mean that there will not be another round later. However, if applicants wish to be considered in this round, they must lodge their applications by 14 September. This leaves those investors who have lost money, or who are clearly in jeopardy of losing their money through the finance broking scandal, with a real choice. A private provider is now available in the insolvency management fund. Applicants have the choice of going to this fund, or they can apply to the finance brokers litigation fund. We hope they will seek advice, and discuss what may be in their interests. If it is in their interests to seek funding through the finance brokers litigation fund in an attempt to take legal action to recoup lost funds, or funds that are at risk, they must do so by 14 September.
(1)-(3) I thank the member for Albany for his question, and I recognise his ongoing representations on behalf of his constituents who have been affected by the finance brokers scandal. The finance brokers litigation fund has been established by the Gallop Government in fulfilment of its election promise. Nine applications had been received by 14 August; seven of those were from syndicates, and two from individual investors. The smallest syndicate had five members, the largest had 62 members. The total estimated loss from those investments is $6.7 million. I have been advised that 117 information packs have been distributed to interested parties. Applicants must meet the criteria to determine their eligibility; namely, that the case will be determined in a manner favourable to the applicant, and that there is a reasonable likelihood that the applicant will be able to recover damages, or that cost be awarded against a potential defendant. Applications must also meet the class of matters - that is, the case must be against a finance broker or professional adviser. Applications will close on 14 September. This is necessary as the applications must be worked on and prioritised to determine the cases that are most likely to win. This does not mean that there will not be another round later. However, if applicants wish to be considered in this round, they must lodge their applications by 14 September. This leaves those investors who have lost money, or who are clearly in jeopardy of losing their money through the finance broking scandal, with a real choice. A private provider is now available in the insolvency management fund. Applicants have the choice of going to this fund, or they can apply to the finance brokers litigation fund. We hope they will seek advice, and discuss what may be in their interests. If it is in their interests to seek funding through the finance brokers litigation fund in an attempt to take legal action to recoup lost funds, or funds that are at risk, they must do so by 14 September.
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