New Tel's best asset: a case against directors
By Colin Kruger
September 15, 2003

Creditors of failed telecom New Tel may soon get a better idea of what
payout they can expect with New Tel's liquidator preparing to tap its most
valuable asset: legal action against former company directors. ...

We've got a very firm belief that the company was insolvent from at least
June 2002," he said, adding that there was likely to be a "significant"
action against directors for trading while insolvent.
Directors likely to be sued include former chief executive Peter Malone and
chairman Harry Sorensen, who are facing legal action from the Australian Tax
Office for New Tel's unpaid taxes stretching back to May last year.

Former New Tel director Domenic Martino, who resigned as head of Deloittes
Touche Tohmatsu over the controversy surrounding his involvement with the
company, may be another high-profile target. ...

http://www.smh.com.au/articles/2003/09/14/1063478064067.html