THE building materials and sugar conglomerate, CSR Ltd, has changed the lawyers advising on its troubled attempt to split into two companies.
On Wednesday it dropped the solicitors Mallesons Stephen Jaques from preparing its Federal Court appeal over Justice Margaret Stone's February 3 decision to block the demerger due to its potential impact on asbestos disease compensation.
The company will use a rival top-tier firm, Freehills, to run the appeal on March 29 and 30.
Mallesons was still acting for CSR when the court held a directions hearing for the appeal on February 17. That hearing was told that Neil Young, QC, would represent CSR. Tom Bathurst, QC, appeared for the company before Justice Stone.
CSR wanted the appeal heard urgently because of the significance of its proposed restructure, which involves creating a new listed company to hold its sugar and renewable energy businesses. The responsibility for asbestos compensation would remain with the building products operation.
The company announced on February 24 that its chief executive, Jerry Maycock, would retire on March 31, when the demerger was originally expected to be completed.
Email a friend