The issue of receivers’ fees and expenses is endlessly vexed it seems. In the Supreme Court of Victoria’s court of appeal this week judgment was delivered in relation to a lengthy battle fought between Hall Chadwick’s David Ross and Richard Albarran and their appointor. The pair were appointed receivers of Action Cycles in July 2011 by Gippsreal Ltd under a deed of appointment and indemnity which…
Is Asden Developments the insolvency equivalent of an A-bomb? Its ex-director and her advisor were bankrupted, its first liquidator was admonished by the courts, and when the second liquidator tried to turn his predecessor’s humiliation into recoveries and fees, he lost. That was the initial fallout after Asden was placed into liquidation by its director back in late 2010. Now it seems even parties somewhat removed…
Languishing in a Thai rehab clinic may or may not be a sound basis for defending oneself against a plaintiff intent on recovering impugned payments but either way Sam Henderson has likely discovered by now that he’s been ordered to pay a weighty slab of almost $663,000, awarded to liquidator Mike Smith yesterday In the Matter of Central Management (NSW) Pty Ltd [2017] NSWSC 1258. A former…
What would Australia’s great bush bard make of the press pack mayhem outside and inside the Banjo Patterson room on Level three of Sydney’s Marriott Hotel yesterday? Perhaps the great man might want a quiet word with Ten Network Holding’s administrator Mark Korda – a man known more for his numerical eloquence – and ask him how a bloody accountant can have cameramen and women, radio…
When you use your casting vote to defy the wants of the largest creditor and that creditor is the Deputy Commissioner of Taxation (DCoT), expect blowback. In the case of Veritas Advisory principal David Iannuzzi, the blowback manifested in him being ousted from an appointment yesterday. According to orders made in the Federal Court Iannuzzi has resigned, by consent and without admission, as court-appointed liquidator of North…
Many will have seen the somewhat depressing numbers in respective of formal insolvency appointments released by ASIC this week. As that report coincided with SiN being directed by one practitioner to take note of a particular DIRRI issued by rivals, it got us to thinking whether in the desperate clamour for work, the renewed focus on independence brought about by KordaMentha’s pre-appointment activities at the…
The hearing into the adequacy of the disclosures contained in KordaMentha’s much-maligned report to the creditors of TEN Network Holdings (TNH) was always going to be run with extreme diligence by Supreme Court Justice Ashley Black. This is not only because SiN suspects that Justice Black conducts every hearing with extreme diligence but because TNH creditors are scheduled to vote on a momentous resolution to…
While everyone SiN has spoken to about the formation of Assured Legal Solutions assures us that the merger of Henry Davis York and Norton Rose Fullbright has nothing to do with their decision to strike out on their own, SiN is reluctant to attribute Assured’s conception to coincidence, it being the most unreliable of fathers. That said, Assured is open for business on its own…
Mark Korda is probably less than delighted that the recent triumph his co-owned firm engineered via the sale of Arrium has been largely neutered, obscured and in terms of publicity trounced by the TEN Network Holdings (TEN) imbroglio but it didn’t show yesterday, even when the prickly and provocative John Atanaskovic made a seemingly amicable overture. Of course in a room packed with lawyers and journalists, it pays to keep fists…
First it was the DIRRI. Then the supplementary DIRRI. And now it’s the report to creditors. When it comes to TEN Network Holdings, voluntary administrators KordaMentha can scarcely issue a document that isn’t analysed by TEN’s unsuccessful bidders in the hope that some perceived misstep, omission or flaw will deliver the opportunity they need to reverse the consequences of their own miscalculation. This week we’ve seen…