Winning trainers of the Melbourne Cup have found themselves in a banking nightmare after more than $460,000 in prize money was mistakenly transferred into an old account linked to a liquidated company.

On 6PR Breakfast, hosts Millsy and Karl asked legal expert Tom Percy KC what this debacle could mean for the trainers.

“The onus is on you to make sure it’s going into the right account,” Tom Percy said.

Click PLAY to hear Tom Percy’s full discussion.

Image: Getty/Vince Caligiuri