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Administrator says Opes traded while insolvent 28 April 2008
The ANZ Bank, chief financier of failed margin lending group Opes Prime, could be left in the cold as a report from administrators found that the company was already insolvent when they were called in last month. The finding has increased the possibility that charges placed over the company's assets by the bank will be declared void and directors could potentially be exposed to compensation claims. ANZ took out a charge over $800 million worth of assets in exchange for $95 million in emergency funding a week before the collapse but has not yet had to use that arrangement yet. The bank is selling off Opes Prime's share portfolio in an attempt to recover its debts of $650 million but had advised the administrators that the sale may leave a shortfall.
