Grant Thornton’s Mike McCann and Said Jahani could be in for a wild ride as voluntary administrators (VAs) of failed construction outfit, CRCG-Rimfire Pty Limited after the pair on Monday survived an attempt by creditor activist group Subbies United to replace them with its preferred practitioner, Michael Caspaney of Menzies Advisory. Last night McCann rejected claims from creditors who attended that he had told the first meeting…
UPDATE Monday, November 27, 2017: It appears Ozem Kassem and others referred to below can rest easy, at least for now. SiN can reveal that over the weekend Stephen Hathway the administrator of the Plaza West deed of company arrangement, received a critical payment under the terms of the DoCA which had been in arrears. The payment followed a threat by Hathway to place the company into…
The transcripts of the latest session of the Senate inquiry into Lending to Primary Production Customers contain some illuminating insights into perceptions of the insolvency profession. Put simply, a few unfortunate examples of a less than ideal outcome – say a rural property being sold by receivers at a price unlikely to pop corks – seem to have been taken by the Senate Committee as…
The issue of referrals initiated in a foreign language piqued SiN’s interest as we leafed through the Declaration of Independence, Relevant Relationships and Indemnities (DIRRI) sent to creditors of CRCG−Rimfire Ply Limited last week. Grant Thornton’s Mike McCann and Said Jahani picked up the appointment as voluntary administrators (VAs) from Vincent Shi of Hanrick Curran, the company’s external accountants. According to the DIRRI, an unidentified Grant Thornton (GTAL) staffer then…
In the latest skirmish over the multi-million dollar proceeds of sale of the Patinack Farm properties once owned by Nathan Tinkler, liquidators Neil Cussen and David Mansfield have been ordered to deliver their time sheets to the Commissioner of Taxation (CoT). Following a directions hearing in the NSW Supreme Court on Monday, Justice Paul Brereton ordered the Deloitte duo to produce the time sheets and pay…
Joe Hayes may have left McGrathNicol earlier this year to do his own thing but he is in no hurry to present a particular message to market. After 13 years at one of Australia’s best known specialist insolvency and restructuring practices, Hayes is not sure what the future holds but he knows he’s excited by the uncertainty and by the challenge inherit in launching his…
The deft management of conflict is a key skill for any registered liquidator and over in West Australia, Tony Woodings is negotiating a minefield of competing interests in the liquidation of the Bell Group of companies. Last week a decision was handed down in the Supreme Court of West Australia that illustrates how past undertakings can come back to bite after Woodings sought directions from…
When there’s $47 million in cash at stake, cross border insolvency issues and allegations that the disputed funds are proceeds of crime, it’s not surprising that the practitioners involved would fall out but the saga of Cedenco JV Australia/SK Foods Australia is one for the record books. Not only have liquidators John Sheahan and Ian Lock locked horns with receivers Mark Korda and Craig Shepherd during…
Early next month a series of contested interlocutory applications will be heard that could see PPB Advisory’s Steve Parbery and Glenn Livingstone surf in on what until now has been Deloitte’s exclusive turf – the web of entities linked to the alleged $130 million Plutus Payroll PAYG fraud. On Monday, the NSW Supreme Court heard that Synep Pty Limited – the company at the head of the…
There’s been some movement at the senior level in the lending and strategic business services divisions of ANZ and NAB, the details of which SiN is delighted to divulge. First up is Tim Bezencon, the soon to be former group general manager of lending services at ANZ who is returning to familiar territory when he takes up the role of chief risk officer, institutional banking at…