ASIC grants interim class order relief

07/05/2010

ASIC today announced its intention to grant interim class order relief to lawyers and funders involved in legal proceedings structured as funded representative proceedings and funding claims lodged with liquidators to prove in the winding up of an insolvent company (proof of debt arrangements). The relief, which will apply until 30 September 2010, is from the requirements that would otherwise apply to funded representative proceedings and funded proof of debt arrangements as 'managed investment schemes' under Chapter 5C and Chapter 7 of the Corporations Act 2001.

**7 May 2010 **