A spat over control of Fearndale Holdings‘ shale quarry has flushed out a real crowd from the world of insolvency and the sometimes connected world of individuals who’ve captured the attention of the ATO. Back in May 2018 Balance Insolvency’s Tim Cook was appointed voluntary administrator of Fearndale Holdings which has some claim to the quarry at Luddenham in Sydney’s west. This week the Supreme Court heard…
You have been warned. Displaying ARITA’s logo is a no no. In a strongly worded message to members this week the Australian Restructuring Insolvency & Turnaround Association (ARITA) took aim at firms who had clearly been operating under the misapprehension that being a member of the national body entitled that member or members to use ARITA’s logo as they saw fit. “While we encourage members to…
The Grow Advisors figures for the first quarter of the 2018/19 financial year have landed on INO’s desk and what’s most obvious is the grip that Worrells has on the market for creditors voluntary liquidations specifically and the formal appointment market in general. The national mid-tier smashed its rivals for the period from July 1 to September 30, raking in 174 CVLs out of a total…
You know views on a course of action have become estranged when one set of insolvency practitioners asks a court to inquire into the conduct and remuneration of another set of insolvency practitioners. That however is what has happened to Pitcher Partners Andrew Yeo and Gess Rambaldi, who for almost two years have been engaged in an attritional struggle with Mark Korda, a struggle which…
Advertorial – Traill & Associates’ Bankruptcy Congress The next plane on Rosie’s runway is the annual Bankruptcy Congress – now in its 6th year, at the conveniently located Wesley Centre in Sydney on December 3, with the Cocktail Party at the ArtHouse Hotel that evening followed by optional concurrent workshops on December 4. Not only is the Congress the only – according to Rosie – professional development event catering…
PwC’s Derrick Vickers may well have suspected that his use of special proxies at the first meeting of creditors of Queensland construction outfit JM Kelly Builders Pty Ltd would attract some push back and if he did then he was right. INO has learned that since the October 29, 2018 meeting both ASIC and ARITA have received complaints and queries from creditors disappointed that their…
Grant Thornton duo Mike McCann and Said Jahani have had an entertaining time since being appointed voluntary administrators (VAs) of the CRCG-Rimfire Ptd Ltd joint venture late in 2017 and there’s no sign of the fun ending just yet. Most recently a major contingent creditor dissatisfied with the treatment of its proofs of debt (PoD) has commenced proceedings in the Federal Court, thereby halting the progress McCann…
An application to the Federal Court seeking to surrender insolvency appointments has shed fresh light on the fate of various PPB Advisory staff and partners following its acquisition by PwC. The judgment of Justice Kathleen Farrell in Theobald, in the matter of Bowesco Pty Ltd (in liq) [2018] FCA 1725 details how Simon Theobald and Mark Robinson recently sought orders to effect their resignations as either official liquidators or…
Next time you’re bemoaning the cost of ASIC searches spare a thought for Jamieson Louttit. The Sydney IP was appointed liquidator of Sydney TY International Consulting Pty Ltd on November 7, 2018 following an application by the Deputy Commissioner of Taxation (DCoT) to wind up the company. As it turns out, the director of Sydney TY International Consulting is the director of a further 97 companies,…
A recent application for directions in the Supreme Court of West Australia has revealed that for 12 months some of KordaMentha’s most experienced practitioners have been hamstrung by the threat of an indemnity-crippling damages claim after terminating a contract to sell the assets of Mirabella Nickel (MBN) to one party and then offloading those same assets to another. The jilted buyer was Mining Standards International Pty Ltd (MSI),…