Still in Victoria and the eminences at East Hawthorn insolvency outfit Dye & Co are finding it heavy going investigating the affairs of Allibi Pty Ltd, despite their status as liquidators appointed by the Supreme Court of Victoria.
Some books and records have not been produced, only one independent creditor has been identified to date and the liquidators are not in funds.
Against this the appointees have identified a possible clam for $69 million against Allibi’s directors in respect of a restructure which left the business with not capacity to pay the petitioning creditor, who’s half a million dollar debt was the basis for the court’s decision to make orders winding up Allibi in June 2022.
In recent times the challenge for appointees Hamish MacKinnon and Nicholas Giasoumi has manifested in the form of an application brought in the Federal Court by Allibi director John Gadsden, who wants replacements installed who’ll presumably determine that there is no justification to seek $69 million from the directors.
iNO’s mail is that Gadsden believes the liquidators are incurring fees and costs for unjustifiable reasons.
While an application for summary judgment in Gadsden’s favour – Hall & Willcox are acting for the directors – was dismissed yesterday, a hearing of the application to replace McKinnon and is scheduled for June 28, and if successful it’s likely that Hastie Group liquidator and PwC partner Craig Crosbie will be the replacement liquidator appointed. Crosbie confirmed this morning that he and colleague Rob Ditrich had provided consents.
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