It’s with a sense of deja vu that INO embarks upon this tale, not least because there’s a link between many of the characters and those we featured in Hall Chadwick’s Validus DIRRI Heavy On Referrer Detail, published on Wednesday. Back on May 11, 2018 one of the directors of ASX-listed Capital Mining Limited called Hall Chadwick’s Richard Albarran to arrange a meeting. There must’ve been a fair degree…
Federal Treasury yesterday released its Reforms to combat illegal phoenix activity – Draft Legislation and the insolvency industry’s key association produced a summary of the exposure draft’s key points and invited members to provide feedback for inclusion in the Australian Restructuring Insolvency & Turnaround Association’s (ARITA) submission. The reforms – which are a centrepiece of Financial Services Minister Kelly O’Dwyer’s anti-phoenix crusade, will: Create new phoenix offences to target those…
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INO was having coffee with an insolvency practitioner (IP) the other day when the conversation turned to the Industry Funding Model (IFM). Pulling a document from his briefcase the IP showed how the Australian Securities and Investments Commission (ASIC) had arrived at a sum of almost $20,000 it intends to claim from his modest single liquidator firm when it begins issuing invoices in January, 2019. Confirming that…
Hall Chadwick’s Richard Albarran and Brent Kijurina have lodged a detailed and informative declaration of independence, indemnities and relevant relationships (DIRRI) after accepting an appointment as administrators of Validus Advisory Group. The detail was necessary to explain why there was no unmanageable conflicts given that Hall Chadwick’s Blair Pleash and Kathleen Vouris had previously been administrators of a deed of company arrangement (DoCA) executed by…
Readers of INO may be aware that we are a regular media partner for the bankruptcy bootcamps and professional development offerings of Rosie Traill’s Traill & Associates. Best known for her Practical Insolvency series – now in its 18th year – more recently Rosie established an annual Bankruptcy Congress filling the gap left by AFSA’s withdrawal. The newest addition to the roster are the ”bankruptcy…
It was just before the May 21, 2018 annual meeting of creditors of failed builder SX Projects that incumbent liquidator Geoff Reidy was approached by several individuals wanting a quiet word. Intrigued, Reidy agreed to the impromptu chat with the men, who one of INO’s sources described as being of South Pacific islander appearance. Once away from prying ears and eyes however, it became clear that they weren’t…
BDO partner James White is packing up and heading back to the UK, though our sources assure us a new baby is the reason White wants to be closer to home and his departure from these fair antipodean shores has nothing to do with the Mossgreen fiasco. We’ve yet to hear back from the man himself but yesterday BDO colleague and joint Mossgreen liquidator Andrew…
After advising creditors of Courtenay House Capital in June this year that they would not recommend a settlement offer from Tony Iervasi, it looks like liquidators Said Jahani and John McInerney have extracted something much more favourable. In a July 27, 2018 circular the Grant Thornton duo told creditors that they had signed a deed of settlement with the self-confessed Ponzi scheme operator just a day earlier. “Under the terms…
Sydney liquidator Steve Naidenov has been accused of presiding over a phoenix transaction during an at times heated public examination into the affairs of the MK Floors Group. The accusation, which Naidenov strenuously denied, came towards the end of the first day of a multi-day examination brought by the Commonwealth’s FEG Recovery Unit. FEG is seeking $1.5 million from Naidenov and Veritas Advisory head David Iannuzzi, who were…