LITIGATION funder IMF will take on the cause of Retail Adventure's unsecured creditors if the group can raise $40 million in claims against the company.
IMF executive Paul Rainford said a group of unsecured creditors, collectively owed $20 million, had recently approached the litigation funder.
Mr Rainford said the unsecured creditors, under the banner Adventures Creditors Unite, had asked to be provided funding for an independent administrator to look specially at the issues of insolvent trading.
He said they had asked IMF to fund a claim in court if the allegations are supported.
``We've done due diligence investigation based on what information is available and it seems to us that there is a good claim,'' he said.
``As a result of that, we are prepared to fund an investigation and litigation.''
Mr Rainford said part of the investigation would include public examinations of the company directors, advisers and senior management.
He said the group would need to raise $40 million in claims for IMF to support their case.
Mr Rainford said he believed Retail Adventure's unsecured creditors were owed more than $100 million.
Business woman Jan Cameron bought Retail Adventures out of receivership for $80 million in 2009.
Ms Cameron amassed $77 million in secure loans over the three years she ran the business before it went into administration last October.
Part of the debt owed to her was wiped when she recently acquired the business from administrators for $59 million through her company DSG.
IMF said in a statement to the Australian Securities Exchange on Tuesday that the enforceability of securities held by companies associated with Ms Cameron would be investigated.
Administrators have said there could be grounds to reduce Ms Cameron's secured debt from $77 million to $27 million, meaning her company DSG would need to pay the balance on Retail Adventure's buy-back this year.