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Investor compensation claims arising from a fraudulent...
Fraudulent prospectus claims during insolvency must benefit creditors collectively, requiring recovery through the insolvency framework rather than individual litigation.
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Investor compensation claims arising from a fraudulent prospectus may, where the issuer is in insolvency and fraudulent-trading proceedings are pending, be treated as proceedings benefiting all creditors rather than personal claims. Recovery from allegedly responsible persons, including the statutory auditor, must be pursued within the insolvency framework for the Committee of Creditors. A civil suit against the auditor was therefore rejected, with recourse identified under the IBC fraudulent-trading provision. Allocation of fraudulent-trading recoveries to a resolution applicant reflects the Committee of Creditors' commercial bargain and does not create a general exclusion of creditors.
Investor compensation claims arising from a fraudulent prospectus may, where the issuer is in insolvency and fraudulent-trading proceedings are pending, be treated as proceedings benefiting all creditors rather than personal claims. Recovery from allegedly responsible persons, including the statutory auditor, must be pursued within the insolvency framework for the Committee of Creditors. A civil suit against the auditor was therefore rejected, with recourse identified under the IBC fraudulent-trading provision. Allocation of fraudulent-trading recoveries to a resolution applicant reflects the Committee of Creditors' commercial bargain and does not create a general exclusion of creditors.
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