@F6T Hey mate. Opinion on specific part or on the idea of a...

@F6T

Hey mate. Opinion on specific part or on the idea of a class action as a whole?

This may be worth a read for those unsure of how something like this would proceed.

https://www.ashurst.com/en/news-and-insights/legal-updates/quickguide---class-actions-in-australia/

Couple quick takeaways to look at...

Numbers required to commence action (min 7), 3rd party funding and "opt out" rule for those wishing to not partake.

The last point is important imo as once the action is commenced then "all" that fall under the claim become claimants by default and must opt out rather than other legal systems whereby you opt in.

The other question I would have is, if action was successful, who stumps up the settlement?

Is it the company (NXR / WBT), cause if so, they don't exactly have the funds I suspect and a positive result would possibly just end up winding them up.

Do the companies have PI insurance that covers?

Is it the individuals that pay as holders of the positions within the company at the time and if so do they have or will PI insurance cover?

Unlikely their personal assets could be touched (could be wrong as not a lawyer) as these would be at arms length to the companies themselves.

Unlike say lending whereby you may take cross collateralised security and linking Directors Guarantees so there is some "hurt money" on the table by the controlling individuals as an incentive to perform correctly.

A company is a legal entity in its own right and can sue and be sued as Directors can come and go but there is continuity of the entity unlike say a partnership.

The individual partners are jointly and severally liable for the debts etc as if a partnership ends, then in essence so does the business structure.

Just some thoughts / opinions and could be totally wrong so take with a grain of salt and dyor & get independent advice as they say