The Department of Employment’s Active Creditor Unit (ACU) unit continues to fish for receivers fattened on circulating assets and an amended statement of claim filed last month in the Federal Court shows the ACU’s litigators have Delnote Constructions receivers Riad Tayeh and David Solomons hooked. The ACU is seeking $323,661.74c from the dVT pair in relation to their work as receivers of Delnote Constructions Pty Limited….
After a setback on fees the question may arise as to whether it’s best to cut one’s losses or go double or nothing when the question turns to the extent to which a receiver can rely on the right to an indemnity. Helm Advisory director Adam Preiner recently chose the latter. Acting Supreme Court Judge Reg Barrett yesterday delivered a judgment which illustrates why one should…
Well the beast of ad valorem has been subdued and the curmudgeonly impulse that gave it too free a rein extinguished. If liquidators aren’t treating their staff to extra libation this afternoon then they do not appreciate the value of what the NSW Supreme Court of Appeal yesterday preserved. Just after 10:15am Sydney liquidator Cliff Sanderson learned that his appeal in the matter of Sanderson as…
Mali Thaggard and NatWest Finance are engaged in a tussle over funds connected to the voluntary administration (VA) of Shepherd Group Services (SGS), the resolution of which should be instructive at least in terms of highlighting the critical issue of registering security interests on the Personal Property Securities Register (PPSR). On Monday Thaggard – who left TPH insolvency to set up under the banner Australia Business…
A dispute over dollars is shedding light not only on the kinds of partnership arrangements liquidators are inclined to enter into when working together but also on the amount of coin mid-tier practitioners pocket. The protagonists are dVT’s Antony Resnick and Chifley Advisory’s Gavin Moss who are disputing entitlement to monies following the collapse of relations and the termination of a Memorandum of Understanding (MOU) the…
Not content with a judge declining its application to replace Brendan Copeland and Robert Whitton as liquidators of Ridley Capital Holdings (RCH), Argentine architect and major creditor Corbis Global is preparing a fresh assault on the William Buck incumbency. SiN’s sources in Buenos Aires – not to be confused with our man in Cordoba – have recently delivered fresh missives, smuggled down under in a case of…
The untidiness continues in relation to the bankrupt estate of Leslie James Young with a Federal Court judge this week dressing down Veritas Advisory’s Louise Thomson for what the judge labelled a carte blanche attitude. That said, the judge also declared that the trustee “behaved appropriately” in seeking to minimise costs and maximise returns for creditors. In the immortal words of chain gang escapee cool hand Luke, “what we…
Sydney liquidator Adam Preiner has had a claim for $124,065.70 in remuneration claim halved, with a judge this week ruling that the Helm Advisory director’s right to take his fees and expenses from the assets of corporate trustee Minmxt Holding was not superior to the rights of caveators, whose cooperation Preiner had been forced to secure before he could sell the trust’s only asset. Preiner took…
If there’s a government – be it local, state of federal – exposed to an insolvency then PPB Advisory is seemingly always at hand. Think Lehman Brothers and all those local councils. Think Queensland Nickel and the Commonwealth Government’s FEG debt that FTI Consulting couldn’t be left to recover. Or even Arrium in South Australia, where PPB co-founder and pollie whisperer Steve Parbery is oft to…
With work scarce for many firms all avenues are being explored and major mid-tiers like Jirsch Sutherland are apparently not above scouring the lists of winding up applications for opportunities. What’s interesting is the language employed in communications to the recipients of the dreaded wind-up notice. See an excerpt from the letter below. A letter came across SiN’s desk this week from Jirsch subsidiary, Corporate Guardian addressed to…