Background
BBY Limited and its associated entities, including Jaguar Asset Management, began in 1987 as Burdett Buckeridge Young and grew into one of the largest independent stockbrokers in Australia, with offices in New Zealand, Bermuda and Dubai, led by Ken and Glenn Rosewall. At its peak the firm served more than 6,000 clients and held $44.9 million of client funds under management in its CHESS accounts.
In June 2014 margin calls in respect of Aquila Resources, arising from a $40.0 million share placement underwritten by BBY, materially impaired working capital. Allegations of financial malfeasance and ongoing ASIC investigations followed. On 18 May 2015 the company appointed KPMG as Administrators and St George Bank appointed PPB as Receivers and Managers. The insolvency generated client claims of $65.5 million and compensation claims of $11.4 million under the Securities Exchange Guarantee Corporation.
Olvera Advisors was engaged by AIMS Financial Group as deed advocate to advise on its acquisition of BBY Limited and its related companies through a Deed of Company Arrangement.
