Liquidators ordered to repay almost $2 million

Liquidator John Sheahan. Federal Court Judge Tony Besanko has detonated the judicial equivalent of small nuclear device in the vicinity of Ian Lock and John Sheahan, ruling the pair must repay 30 per cent of almost $5.8 million in fees that they’ve been paid as administrators and liquidators of the Cedenco JV Australia Group. In determining the quantum of the reduction – first flagged in…

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Bankruptcy

Regulators continue jihad on practitioner compliance

COMMENT Presenting oneself as a fierce and tireless scrutiniser of insolvency practitioners is all the rage among the relevant regulators at the moment. The view among much of the bureaucracy seems to be that these highly qualified professionals cannot be trusted and only heavy regulatory shackles will prevent them from abusing their position to the detriment of all. It’s nonsense of course but regulation is…

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Litigation

Neolido fraud: Leigh paid $100k to secured creditor

Court documents obtained by Sydney Insolvency News reveal that ex-PPB Advisory (PPBA) partner David Leigh paid $100,000 to a secured creditor out of a total $800,000 PPBA alleges he fraudulently misappropriated from the liquidation account of Neolido Holdings. According to an application for freezing orders filed by lawyers for PPBA last week, Leigh was questioned about the missing monies on Tuesday February 22 by PPBA Queensland…

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