Livium (ASX:LIT) said it does not anticipate any new claims involving damage caused by a fire in Victoria on Jan. 31, 2019, as the insurance claim period has now passed, according to a Wednesday Australian bourse filing.
The company's unit Envirosteam Australia has been previously served writs resulting in a provision of AU$7.5 million within the balance sheet of the group, which the company continues to understand would be settled by the unit's insurance company, the filing said.
For certain claims, the process of 'discovery' has commenced where each party will provide an affidavit of documents to the other party, which details all relevant documents in their possession relevant to the issues in the proceeding.
The company noted that this step precedes mediation, which is expected over the coming months and has the potential to result in a settlement by the insurance company.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.