Contact: Melinda Loew
Deloitte
Manager, Media & Communications
+61 (0) 404 058 616

Contact: Paul Weston
Deloitte
Partner, Corporate Reorganisation
+61 (0) 2 9322 3762

One.Tel Limited Special Purpose Liquidator, Deloitte partner Paul Weston has submitted a statement of claim in the NSW Supreme Court against a number of parties arising from the decision to cancel the renounceable rights issue (RRI) of shares and place of the former telco into Voluntary Administration on May 29th 2001.

“Investigations are now complete and together with our legal team led by Michael O’Neill of NOT Lawyers, insolvency specialists, we have determined there are a number of causes of action against a number of parties,” Mr Weston said.

“Potential legal claims become statute barred after 29 May 2007 and we have submitted the claims to protect those rights.

“These claims may or may not proceed and we have six months to determine the best causes of action and serve writs based on my final recommendations to the creditors of One.Tel Limited."

$350m is owed to several hundred creditors and it is the role of the Special Purpose Liquidator appointed by the Supreme Court of NSW, to ascertain whether there are any causes of action, against any parties, arising as a result of the cancellation of the RRI issues.