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Too much litigation funding

LITIGATION funding companies believe they give many people access to justice, but a dispute over Meadow Springs Fairway Resort Ltd has attracted one too many litigation funders. Since 2003, IMF (Australia) Ltd has been funding the liquidator of Meadow Springs and shareholders of that company in a $10 million claim against property valuer Colliers. Hillcrest Litigation Services Ltd came onto the scene in February this year, announcing it had struck a deal with Dickson Carello’s John Carello, the receiver and manager of Meadow Springs. Hillcrest said the matter was particularly attractive because the action was listed for hearing in the Federal Court this month. However, the two groups disputed who should be in charge of the litigation. The court has ruled that the liquidator should remain in control, but the disruption caused by this dispute meant the commencement of the trail has been delayed until June.

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