Supreme Court dismisses Torchlight's right to appeal

Sun, 16 Jul 2017

By Rebecca Howard July 17 (BusinessDesk) - The Supreme Court has dismissed a bid by Pyne Gould's Torchlight Fund No 1 LP and NZ Credit Fund to appeal a prior ruling that ordered it to pay more than A$30 million to Wilaci Pty in late payment fees. The case concerns a loan to TLF1 from Wilaci, an entity connected with Australian businessman John Grill. Wilaci loaned the funds in August 2012 to help Torchlight Fund No 1 LP through what managing director George Kerr described as "a very tight liquidity situation" when Bank of Scotland Intern...

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