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…
There’s nothing like a review of remuneration, as ordered by Justice Paul “Proportionality” Brereton, to cull the swagger from an IP’s stride and this week it was Mackay Goodwin’s Domenic Calabretta and Grahame Ward stepping carefully as court was convened. In the matter of Securimax the pair have been on eggshells since August 2017 when Justice Brereton concluded that if administrators get 66 per cent of the…
Well the champagne corks would’ve been popping down in the Canberra offices of FEG Recovery Czar Henry Carr this week – metaphorically of course – after the decision of the Victorian Supreme Court’s Court of Appeal in Commonwealth v Byrnes and Hewitt [2018] VSCA 41 (28 February 2018), more commonly known as Amerind. As was succinctly articulated by Melbourne barrister Carrie Rome-Sievers, the decision puts…
As the shockwave from Friday’s revelations about former PPB Advisory (PPBA) partner David Leigh spreads two separate issues are emerging. One relates to the very well regarded Leigh and what might’ve driven him to transfer, as is alleged by PPBA, $800,000 in three tranches from an account connected to Neolido Holdings Pty Ltd (In Liquidation) to an account connected to his private company Peach Pty Ltd. The rumour…
The ongoing examination into the affairs of Australia’s largest private precious metals smelter continues to provide ore for SiN’s mill. As has been previously reported, the companies at the heart of this affair were served by the ATO with a $200 million plus bill for unpaid GST and penalties back in 2017 and are contesting it every inch of the way in the courts. That…
After 43 years Gwyn Morgan, Westpac Bank’s head of credit restructuring is retiring. A spokesman for Westpac confirmed yesterday that Morgan will hand the helm to his trusted lieutenant Dave Lee in a couple of months. His departure follows an illustrious – albeit anonymous career – leading the restructures of some of Australia most colossal corporate collapses. HIH, Burns Philp and Arrium have become nationally recognised…
The Department of Employment’s FEG Recovery Unit has forced the adjournment of an application by PwC’s Derrick Vickers seeking to validate transactions he entered into with various creditors of failed construction contractor, Ostwald Bros Pty Ltd (OB). Vickers had sought to kick off the application on Wednesday but the FEG team turned up and were successful in having the matter adjourned until March 13. According to sources close…
Cor Cordis Melbourne partner Dennis Turner received an unwanted Christmas missive last year when ASIC served the Melbourne-based liquidator and bankruptcy trustee with a Schedule 2 disciplinary referral on December 20. The Form 986, while largely devoid of detail, cites as the alleged misconduct: “Actual or perceived conflict of interest or duty” and “Failure to disclose giving rise to actual or perceived conflict of interest or duty”….
Veritas Advisory might find itself in need of a replacement trustee now that the first AFSA disciplinary committee convened under the new Insolvency Practice rules prepares to determine whether incumbent Louise Thomson should incur any penalty. According to the AFSA website, Thomson was referred under Part 2 of Schedule 2 to the Bankruptcy Act (the Act) after the Inspector-General formed the belief that: “Thomson has failed…
After a year during which his family was targeted with death threats by people known to the police, Rodgers Reidy partner Rob Moody has decided he’s had enough. SiN understands Moodie, who did not want to comment for this story, asked ASIC to cancel his liquidator’s registration some time late last year after deciding he’d had enough of the insolvency game, particularly in regards to dealing with small business…