Latest BBY news

Latest news

Read the latest news regarding the external administration of BBY Limited and related companies.

Read the latest news regarding external administration of BBY Limited.

18 October 2016

On 12 October 2016, Justice Brereton of the Supreme Court issued orders relating to the client monies proceedings (PDF 65KB) in respect of the erroneous withdrawals and the erroneous deposits. More information and a copy of the full orders is available in Client Monies and Court Proceedings.

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30 September 2016

On 27 September 2016, Justice Brereton of the Supreme Court delivered a judgement (PDF 376KB) on the separate question and close out of open positions. In short the judgement answered in the negative in respect of the returned collateral and affirmative in respect of the erroneous withdrawal. Furthermore the liquidators would be justified in closing out open derivative positions held on the Interactive Brokers trading platform upon termination of the underlying client agreement. The balance (being prayers 2, 3 and 4) of the Interlocutory Process are adjourned to the final hearing of the proceedings. We are considering the consequences of the orders. More information and a copy of the full judgement is available in Client Monies and Court Proceedings.

9 September 2016

Each year during the winding up of a company liquidators, are required to either convene an annual meeting of creditors or lodge an annual report with ASIC, providing notice to creditors. Given the lack of funds in the liquidations to meet costs of holding a meeting for so many clients and creditors, we have elected to lodge this report with ASIC and publish a copy on the BBY creditor information website. Notification will be sent by email to approximately 30,000 former clients of BBY and by post to 400 possible creditors.

2 September 2016

The Court Orders made on 20 July 2016 required that each party file and serve on the other a summary of its contentions setting out the basis or alternative bases upon which that party says distribution shall be made. A copy of these summary contentions can be found at Client Monies: Court Directions Proceedings. A copy of the Liquidators' summary of contentions (PDF 130KB) is also available. Other parties to the proceedings have requested a 2 week extension to file their summary of contentions in reply.

8 August 2016

The Court Orders made on 20 July 2016 required that each party file and serve on the other a summary of its contentions setting out the basis or alternative bases upon which that party says distribution shall be made. A copy of these summary contentions can be found at Client Monies: Court Directions Proceedings.

20 July 2016

On 20 July 2016 the Supreme Court set a date to hold the substantive hearing in respect to an application by the Liquidators for directions as to the manner in which funds in client segregated accounts and recoveries should be distributed to former clients of BBY. The hearing has been scheduled to commence on 31 January 2017. Further information can be found under Client Monies: Court Directions Proceedings.

22 June 2016

Prior to the directions hearing on 22 June 2016, a representative defendant to the proceeding requested a 3 to 4 week adjournment in order to consider the liquidators' evidence, set out in our supplementary investigation report. That adjournment was consented to by all parties to the client monies proceeding and the Court adjourned these proceeding to 9:45am on 20 July 2016. The Receivers also sought an additional 2 weeks to file and serve further affidavit evidence in relation to their application. All parties to the client monies proceeding consented to that extension of time. Accordingly the Receivers' application was also adjourned to 9:45am on 20 July 2016.

15 June 2016

This is the Liquidators’ supplementary report to the Client Monies Investigations Report (“the CSA Report”) published on this website on 22 December 2015, which provides an update on the Liquidators’ investigations into the affairs of BBYL, including BBYL’s dealings with client monies and counterparties, with a view to providing further information to the Court and representative defendants in the proceeding. This supplementary report must be read in conjunction with the CSA Report. The report has been filed in the proceeding and served on each of the representative defendants, who represent the interests of various classes of creditors.

31 May 2016

In relation to the Liquidators’ investigations, the Supreme Court of New South Wales has granted the Liquidators leave to issue various Summons for Examinations and Orders for Production in relation to the examinable affairs of BBY. The examinations have been listed for hearing during 2 weeks from 12–23 September 2016.

30 May 2016

On 6 April 2016, the BBY Limited Committee of Inspection resolved that the Liquidators should enter into a litigation funding agreement with IMF Bentham Limited to facilitate recovery investigations. Refer to the 30 May 2016 Communication update: Recovery investigations.

On 27 May 2016, the Court ordered that the Liquidators file, serve and publish on the KPMG website any further affidavits on which they intend to rely by 14 June 2016 and that the proceeding be adjourned to 22 June 2016 at 10:00am for further directions.

On 30 May 2016, in relation to the Receivers' application, the Court ordered that the proceeding be adjourned to 22 June 2016. 

Refer to Client Monies: Court Directions Proceedings for further information.


18 April 2016

On 18 April 2016, the Court made the following orders to progress the Client Monies matter:

  • The Representative Defendants to serve any final requests for information on the Liquidators (Plaintiffs) by 26 April 2016; and
  • The Liquidators to file, serve and publish on the KPMG website any further affidavits (evidence) on which they intend to rely by 23 May 2016.

In relation to an application by the Receivers for payment from the Equities/ETO client segregated account of approximately $700,000 in debtor proceeds that had been deposited to that CSA the Court ordered that:

  • by 2 May 2016, the Receivers are to file and serve a statement of facts and contentions regarding their position; and
  • by 23 May 2016, the Liquidators and any Representative Defendant who wishes to oppose the Receivers’ application file and serve a statement of facts and contentions.

For details relating to the outcomes of recent Court hearings and related documents, refer to Client Monies: Court Directions Proceedings.

7 April 2016

On 6 April 2016 the BBYL Committee of Inspection, comprised of former clients and creditors, approved a funding agreement with IMF Bentham Limited (IMF). IMF issued an announcement to the Australian Stock Exchange on 7 April 2016 confirming the funding agreement. The agreement will support further investigations into the affairs of BBYL and, if appropriate, recovery actions. Further investigations will include public examinations of former company officers.

31 March 2016

At the Court hearing on 22 March 2016, certain matters were heard in relation to the ‘Separate Question’ defined at the 7 March 2016 hearing; judgement will occur at a later date. The remainder of the directions proceedings were adjourned to 18 April 2016. We expect that an amended timetable will be set for the ‘substantive’ proceedings for the rest of our application for directions to be considered. This should include dates for final evidence, submissions and the substantive directions hearing date. For details relating to the outcomes of recent Court hearings and related documents, refer to Client Monies: Court Directions Proceedings.

22 December 2015

The Liquidators have prepared a Client monies investigations report (PDF 2.37MB) dated 22 December 2015, with supporting documents, to detail the findings of our investigations as to the operation of the CSAs maintained by BBYL and its dealings with client monies including its dealings with counterparties.

21 December 2015

On 26 November 2015 the Supreme Court of New South Wales made orders extending the date for the Liquidators’ filing of evidence in the client monies directions proceedings to 21 December 2015. The Liquidators will be submitting its client monies investigation report to the Court and publishing on this website on 22 December 2015. The hearing date remains unchanged, being provisionally set down for 22 March 2016. Further details will be made available under Client Monies: Court Directions Proceedings.

27 November 2015

On 26 November 2015 the Supreme Court of New South Wales made orders extending the date for the Liquidators’ filing of evidence in the client monies directions proceedings to 21 December 2015. The hearing date remains unchanged, being provisionally set down for 22 March 2016. Further information can be found under Client Monies: Court Directions Proceedings.

6 November 2015

On 19 October 2015, the Supreme Court of NSW made various orders in relation to the Liquidators’ application for directions in relation to the distribution of client trust funds. Set out in the Client Monies: Court Directions Proceedings section are various court documents and further information relating to the directions application including a notice to creditors (PDF 90KB) dated 6 November 2015.

22 September 2015

On 18 September 2015, the Supreme Court of NSW made various preliminary orders in relation to the Liquidators’ application for directions in relation to the distribution of client trust funds. The matter is listed to be heard again on 19 October 2015. Set out in Client Monies: Court Directions Proceedings are various court documents and further information relating to the directions application.

1 September 2015

On 13 August 2015, the Liquidators commenced proceedings in the Supreme Court of NSW seeking a number of directions and declarations in relation to the distribution of client trust funds. The aim of the Court process is to clarify entitlements in respect of client accounts and monies received post appointment in one set of proceedings, thereby avoiding the unnecessary time and cost of multiple proceedings.

The matter was listed for directions on 17, 24 and 31 August 2015, when the Liquidators sought that the Court approve a form of communication to clients explaining the proceedings. The Court made various orders on 24 and 31 August 2015 but has not yet approved the proposed client communication. The matter is listed to be heard again on 14 September 2015.

24 August 2015

On 13 August 2015, the Liquidators commenced proceedings in the Supreme Court of NSW seeking a number of directions and declarations in relation to the distribution of client trust funds. The aim of the Court process is to clarify entitlements in respect of client accounts and monies received post appointment in one set of proceedings, thereby avoiding the unnecessary time and cost of multiple proceedings.

The matter was listed for directions on 17 and 24 August 2015, when the Liquidators sought that the Court approve a form of communication to clients explaining the proceedings. The Court made various orders on 24 August 2015 but has not yet approved the proposed client communication. The matter is listed to be heard again on 31 August 2015.

13 August 2015

On 13 August 2015, the Liquidators commenced proceedings in the Supreme Court of NSW seeking a number of directions and declarations in relation to the distribution of client trust funds. The aim of the Court process is to clarify entitlements in respect of client accounts and monies received post appointment in one set of proceedings, thereby avoiding the unnecessary time and cost of multiple proceedings.

A preliminary hearing was held on 17 August 2015 with a further hearing set down for 24 August 2015, to approve next steps and the form of a communication to clients explaining how the proceedings are expected to be managed and what this means for clients. Further information will be posted on this website.

22 June 2015

The second meetings of BBY Companies was on 22 June 2015 at 2:00PM (AEST) at the Sydney Masonic Centre. View the presentation slides (PDF 1.38MB) from the meeting.

12 June 2015

The second meetings of the BBY Companies have been convened to be held concurrently on 22 June 2015 at 2:00pm (AEST). Refer to the client circular and notice of meeting (PDF 112KB) for more information. The Administrators' report to creditors (PDF 3.2MB) has also been released.

27 May 2015

Meetings for each of the companies were held at the Grand Lodge Theatre, Sydney Masonic Centre, 66 Goulburn St, New South Wales on Wednesday, 27 May 2015 at 10:00am (AEST). A copy of the presentation is available.

22 May 2015

Meetings for each of the companies will be held at the Grand Lodge Theatre, Sydney Masonic Centre, 66 Goulburn St, New South Wales on Wednesday, 27 May 2015 at 10:00am (AEST).

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