Priapism,
If the super was fully funded then the trustees would not have had to take the issue to court to recoup funds.
The company under Australian law was supposed to have made their company contributions and usually did so on a monthly basis however were in arrears at the time of the collapse.
We all know how long court cases can be dragged out and in particular this one was stared in 2002 and only concluded in 2004 so I don’t know how you can describe that it was concluded quickly.
In addition there was the proviso that if the trustees agreed to a lesser amount the administrators would also agree so long as they did not pursue the matter.
So some employees received less super than they were entitled and their payout had to be adjusted. This was the part that I referred to as a travesty.
Last edited by lowerlobe; 20th Dec 2006 at 02:56.