Global search
All four former City Pacific Limited directors responsible for loan losses in the Pacific First Mortgage Fund have now been declared bankrupt following Trilogy Funds Management Limited’s successful prosecution of its claim against them.
In December 2015 Justice Michael Wigney delivered his judgment, (comprising of 248 pages of reasoning), setting out his Honour’s basis for finding against Philip Sullivan and Stephen McCormick for $62,947,486.86 (plus legal costs and post judgment interest) and against Thomas Swan and Ian Donaldson for $10,565,042.52 (plus legal costs and post judgment interest).
The proceedings were defended and then appealed all the way to the High Court. Trilogy Funds Management Limited, in its capacity as responsible entity for the Pacific First Mortgage Fund, was successful at each and every stage of the litigation, as detailed below.
High Court upholds Trilogy’s claims
On 15 February 2018, the applications seeking special leave to appeal to the High Court lodged on behalf of Messrs Sullivan, Swan and Donaldson were dismissed by the High Court, with costs awarded against them. The High Court determined the applications on the papers without requiring any oral hearing.
The dismissal of the applications marks the end of the road for Messrs Sullivan, Swan and the estate of the late Ian Donaldson in terms of available avenues of appeal. This means the original orders of Justice Wigney, which were unanimously reaffirmed by three judges in the Full Court of the Federal Court, and now the High Court, have been reaffirmed.
The outstanding judgment debts payable by Messrs Sullivan, Swan and the estate of the late Ian Donaldson, are as follows:
Judgment debtor | Principal judgement debt | Interest on judgment | Total |
P K Sullivan | $62,947,486.86 | $9,677,534.10 | $72,625,020.96 |
T W Swan | $10,565,042.52 | $1,624,267.53 | $12,189,310.05 |
I W Donaldson | $10,565,042.52 | $1,624,267.53 | $12,189,310.05 |
S M McCormick | $62,947,486.86 | $7,866,715.98 | $70,814,202.84 |
All four former City Pacific Limited directors responsible for loan losses in the Pacific First Mortgage Fund have now been declared bankrupt following Trilogy Funds Management Limited’s successful prosecution of its claim against them.
In December 2015 Justice Michael Wigney delivered his judgment, (comprising of 248 pages of reasoning), setting out his Honour’s basis for finding against Philip Sullivan and Stephen McCormick for $62,947,486.86 (plus legal costs and post judgment interest) and against Thomas Swan and Ian Donaldson for $10,565,042.52 (plus legal costs and post judgment interest).
The proceedings were defended and then appealed all the way to the High Court. Trilogy Funds Management Limited, in its capacity as responsible entity for the Pacific First Mortgage Fund, was successful at each and every stage of the litigation, as detailed below.
High Court upholds Trilogy’s claims
On 15 February 2018, the applications seeking special leave to appeal to the High Court lodged on behalf of Messrs Sullivan, Swan and Donaldson were dismissed by the High Court, with costs awarded against them. The High Court determined the applications on the papers without requiring any oral hearing.
The dismissal of the applications marks the end of the road for Messrs Sullivan, Swan and the estate of the late Ian Donaldson in terms of available avenues of appeal. This means the original orders of Justice Wigney, which were unanimously reaffirmed by three judges in the Full Court of the Federal Court, and now the High Court, have been reaffirmed.
The outstanding judgment debts payable by Messrs Sullivan, Swan and the estate of the late Ian Donaldson, are as follows:
Australian leaders in class actions.
Our reputation for excellence in class actions is unparalleled, having recovered more than $5 billion for clients.
We are the only Australian class actions firm to deliver $100m+ settlements to clients in shareholder and listed securities actions, which we have done on ten occasions.
Lower cost to clients
Biggest recoveries
Most experienced
Australian leaders in class actions.
Our reputation for excellence in class actions is unparalleled, having recovered more than $5 billion for clients.
We're the only Australian class actions firm to deliver $100m+ settlements in multiple shareholder and listed securities actions, which we have done on 11 occasions.
Lower cost to clients
Biggest recoveries
Most experienced
/MBL_JasonGeisker_2022-01-13_300x300px.jpg)
Easy ways to get in touch
We are here to help. Give us a call, request a call back or use our free claim check tool to get in touch with our friendly legal team. With local knowledge and a national network of experts, we have the experience you can count on.
Office locations
We’re here to help. Get in touch with your local office.
Select your state below
- VIC
- QLD
- NSW
- WA
- ACT
- SA
- TAS
- NT
We have lawyers who specialise in a range of legal claims who travel to Australian Capital Territory. If you need a lawyer in Canberra or elsewhere in Australian Capital Territory, please call us on 1800 675 346.
We have lawyers who specialise in a range of legal claims who travel to Tasmania. If you need a lawyer in Hobart, Launceston or elsewhere in Tasmania, please call us on 1800 675 346.