ANZ freezes PPB partnership facility

With the dissolving of the PPB Advisory (PPBA) partnership imminent, ANZ is rumoured to have frozen draw downs on the PPBA partnership’s loan facility, insisting it be repaid as the August 1 deadline for the completion of PwC’s acquisition of the firm approaches. Several sources who spoke to INO confirmed hearing reports that the bank was refusing requests for further borrowing. One source said ANZ was…

Read More

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…

Read More







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…

Read More