Gunns Limited

Acting for the former directors of Gunns Limited in defence of proceedings in the Supreme Court of Victoria and the Federal Court Tasmanian registry. The claim against the former auditors to which our clients were joined as co-defendants had a face value of approximately A$280 million. The direct claim by the liquidators against the directors was approximately A$155 million. We acted directly in this matter on instructions from the insurer. The claim related to the published accounts of the Gunns Group – an ASX listed entity with turnover at the time exceeding A$1 billion – and the respective role of the auditors of the Group and its former directors, in respect of audited accounts which the Plaintiffs alleged to be not true and fair.