Winding Up Order Set Aside – Classic Funding Group

Classic Funding Group, which celebrated its 25^th anniversary on October 13^th 2017, has issued the following statement for all investors, shareholders and customers.

The winding up application filed against Classic Funding Group on 28 September 2017 by a former customer has been found to have no legal basis. Upon application by Classic Funding Group to the Federal Court, the winding up application was dismissed on 13 October 2017. The Federal Court also awarded indemnity costs in Classic Funding Group’s favour determining that the former customer’s action constituted an abuse of process.

Paul Rathbone, CEO, commented “This was a delaying tactic by a customer who owes us money and is doing everything they can to avoid the inevitable. We are disappointed that this customer took this unfounded action and are pleased the Court has recognised this abuse by making an indemnity costs order in our favour.

We are looking forward to continuing the strong start to the financial year and the continued support of our vendor partners, third party introducers and direct customer base.”