2017

DoE sues McGrathNicol foursome for $3 million

These days the term Disruption brings to mind new digital-based business models, demolishing the foundations of commerce with fiendishly clever and wholly amoral algorithms – but as the proceedings launched recently by the Department of Employment (DoE) against McGrathNicol demonstrate, disruption can be about new law, and the will to execute. Late last month the DoE filed a statement of claim in the Federal Court alleging breaches of…


SVP’s Purchas motherships preferences fleet

SV Partners’ Ian Purchas has saved Bias Boating creditors more than a few bob after a judge granted him leave to consolidate claims against 23 parties he’s identified as having received potential unfair preferences prior to the company being placed into voluntary administration (VA) in August, 2014. Describing the decision of the NSW Supreme Court’s Justice Paul Brereton as “quite a big relief” the SV…


R.I.P. – Manfred Holzman

Sydney liquidator Manfred Holzman has passed away. SiN learned Mr Holzman died in October. No other details were revealed. According to his Linked in profile Mr Holzman founded Holzman Associates in 1994 after emigrating from South Africa. Prior to his retirement he was particularly active assisting enterprises from his local Jewish and South African communities that had run onto trouble.  


Beechworth: Australia’s longest running VA?

SiN’s been examining material relating to Beechworth Land Estates (BLE) which is in the hands of Neil Cussen and Ezio Senatore and the question has to be asked: is this Australia’s oldest VA? The Deloitte duo were appointed voluntary administrators of BLE in July 2014 and have extended the convening period for calling a second meeting of creditors about half a dozen times. Along the way they’ve…


Cor Cordis’ Kirk snatches gig after invalid appointment

As was recently reported by SiN, liquidator David Iannuzzi is girding his loins for a showdown next year with the Deputy Commissioner of Taxation (DCoT) but in the meantime the Veritas Advisory principal continues to throw himself into the rough and tumble of winning work. Obviously that means you win some and you lose some and Iannuzzi has certainly won his share in the past month, picking up about a dozen…


Trustees may settle over Bartercard boss’s PIAs

SiN hears Nick Combis and his former colleague at Vincents Peter Dinoris might be on the verge of a settlement with Bendigo and Adelaide Bank, which has been pressing for a judicial inquiry into their conduct as Trustees of the personal insolvency agreements (PIA) proffered by Bartercard co-founder and multi-millionaire Brian Hall. The Trustees’ statement of contentions shows that irrespective of what the bank thinks of how they…


Worrells pair to be quizzed by replacement

Worrells’ Morgan Lane and former colleague Michael Peldan could soon find themselves probed by a replacement liquidator after examination summons were issued for the Queensland-based practitioners in regards to Waltek industries Pty Ltd. SiN does not know yet if the intended recipients of the summonses have been served but at this point Waltek’s incumbent liquidator Jamieson Louttit is expected to pursue the pair to public examination. Waltek…


Insolvency veterans replace bankers at hedge fund

What’s to be made of this move by PPB founder Steve Parbery and Ex-McGrathNicol veteran Chris Honey to join the board of Regal Funds Management as the hedge fund’s co-founder Andrew King steps down after 13 years? It’s no secret that the past few years have been rocky for Regal. King’s brother Phil, who remains as chief investment officer, was quizzed in court by ASIC back in…


Plutus Payroll neighbour wound up early on.

Hall Chadwick duo liquidating Plutus Payroll neighbour

While the Australian Tax Office (ATO) moved earlier this year on those alleged to have masterminded the alleged $165 million Plutus Payroll fraud, at least one of those close to the architects of the scheme was attending to curiously related affairs well beforehand. It was in fact September 20, 2016 when Christian Paul Budd-Madison, whose company Hartford Investments shared offices in Double Bay with those of the businesses of Plutus…


You don’t Say? Receivers seek proportionality

dVT’s David Solomons and Antony Resnick demonstrated a hitherto undetected streak of optimism this week when they appeared before Justice Paul “Proportionality” Brereton seeking approval of remuneration accrued as receivers of Say Enterprise Pty Limited. The pair were installed by order of the court in August this year in what was described as an asset preservation role, apparently necessary due to possible breaches of freezing orders….