CBA on the hook as Supreme Court determines RCR asset split
The Commonwealth Bank of Australia's ability to recover some of the $120 million it loaned to collapsed engineering group RCR Tomlinson depends on a new court case that will also determine how much money former employees get back.
RCR liquidator McGrathNicol has asked the NSW Supreme Court court to clarify which of the company's assets should be classified as "circulating", which includes debts and inventory that can be transferred without the consent of secured lenders, and which assets are "non circulating", such as trucks or buildings that need the secured lenders' approval before being sold.
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