Submission: Litigation funding and the regulation of the class action industry inquiry
ARITA has made a submission to the Parliamentary Joint Committee on Corporations and Financial Services inquiry into litigation funding and the regulation of the class action industry.
While the inquiry is primarily focused on class action matters (particularly shareholder class actions brought against large and usually solvent entities), ARITA wants to ensure that the Government remains aware of the necessity of litigation funding to the proper function of the insolvency regime. Without litigation funding many claims available in liquidations, including instances of illegal phoenix activity, would go unhindered.
ARITA also notes the decisive move by the Morrison Government to regulate litigation funders and again calls for the immediate regulation of pre-insolvency advisors.
Read the full submission