The administrators of One.Tel have said that the high-profile directors of the failed Australian telco may have adequate defence to any insolvent trading claims.
Administrators Ferrier Hodgson also released better than expected forecasts of debts owed from the collapse, estimating unsecured creditors were owed between AU$133 million and AU$633 million.
The administrator's report to creditors said directors, including News Corp heir Lachlan Murdoch and Publishing & Broadcasting Ltd's James Packer, took reasonable steps to establish One.Tel's financial position.
"... we believe the directors appointed on 30 March, 2001 and 17 May, 2001, may have adequate defences to any insolvent trading claims," Ferrier Hodgson said, adding its view was a preliminary comment.
The administrators, who will recommend winding up the company at the second creditor's meeting on July 24 said One.Tel was "most likely" insolvent at a point between March and April 2001.
Ferrier Hodgson said last month One.Tel may have been insolvent as long ago as December 31, 2000, but stated that was "less likely" now.
Knowledge of insolvent trading involves a breach of Australia's corporations law, which could have had serious implications for Packer, Murdoch and founding managing directors Jodee Rich and Bradley Keeling.
The report outlined five possible scenarios, which hinged on the outcome of Lucent Technologies' claim for its investment in One.Tel's mobile network.
The report put a range of nil to AU$500 million on the claim, accounting for its estimate debt range of AU$133 million to AU$633 million.
The worse case scenario would result in an estimated return to creditors of 11 cents in the dollar. The highest estimation was for 37 cents in the dollar.
One.Tel went into voluntary administration in May.
