The liquidator of Primebroker Securities (Primebroker) has filed a $97.7 million legal action against Australia and New Zealand Banking Group (ANZ) on behalf of creditors of the failed company.
Primebroker's liquidator, BDO, launched a fast-track case in the Federal Court yesterday seeking a number of orders.
BDO is seeking for the court to order that around $86.2 million of repayments made by the company to ANZ in the company's final six months be returned.
The firm is also seeking an order that $11.5 million recovered by Primebroker's receivers, PricewaterhouseCoopers, be returned.
It is also calling for the charge under which PricewaterhouseCoopers were appointed receivers to be set aside.
BDO alleges ANZ sought and received substantial preferential payments and significant commercial advantage at the expense of the unsecured creditors.
"Efforts to reach a settlement with ANZ have not been fruitful. The liquidator is seeking the case to be heard within six months," a statement from BDO said.
ANZ appointed receivers to Primebroker in July 2008 and Primebroker's directors appointed administrators in the same month.
In October 2008 the administrators were appointed as liquidators.
The liquidators are initiating the Federal Court action because they believe it is their best remaining option in seeking fair returns for all creditors.
If successful, the action will free up assets and payments received under the charge.
This would enable the liquidators to continue the process of assessing all claims and determining a return to all creditors.
Primebroker was part of financial services firm Chimaera Capital.
ANZ acted as a financier for a number of collapsed firms, including Opes Prime, Tricom and Primebroker.
