Articles by Peter Gosnell

Plenty at stake as referee and liquidators differ

Grant Thornton’s Said Jahani. McGrathNicol partner and forensic accounting guru Robyn McKern. The litigation being pursued by Delta Coal Mining Pty Ltd (Delta) liquidators Said Jahani and John McInerney is set to test the forensic mettle of McGrathNicol partner and referee in demand Robyn McKern. The Grant . . . Restricted Content Dear Reader, this story is available only to iNO Priority subscribers. iNO Priority…


Millions from money launderers won – now for the fun

Mackay Goodwin’s Mitchell Ball. Mackay Goodwin’s Mitchell Ball knew he had a big number but it must have been satisfying to scroll through the amounts – many in their millions – that NSW Supreme Court chief judge in equity Julie Ward this week confirmed are owed to various companies to which Ball is liquidator appointed. Thus is another money laundering scam founded in labour hire…


Receivers lose on punt for equitable liens

KPMG’s Matthew Woods There’s a line between acceptable levels of risk taking on behalf of creditors and forcing one’s hand in pursuit of fees, and as Federal Court judge Darren Jackson recently explained, material distinctions in respect of indemnities when things go south. Or in this case west, where those material differences came to the fore when KPMG’s Perth-based head honcho of restructuring Matt ….


Liquidator case unchanged as directors charged

Worrells partner Jason Bettles. The corporate regulator confirmed this week that its case against Worrells partner Jason Bettles remains unchanged and on foot in the wake of criminal charges being filed in the Brisbane District Court against former directors, officers and advisors connected with the 2016 collapse of Members Alliance Group (MA Group). Bettles it should be noted, has consistently denied allegations of facilitating phoenix…


Unremedied anomaly elicits official caution

BPS Recovery’s Dave Sampson. AFSA has issued an official caution to a Sydney-based bankruptcy trustee following investigation of a meeting convened under 75-175(2)(b) of the Bankruptcy Rules to consider a Section 73 compromise proposed by pornographer Damien Costas. “This legislation applies to general meetings and not meetings held for the purposes of creditors to consider a section 73 proposal (composition or arrangement).” Scott Reid, senior…


Inadequately discharged onus incurs adverse costs

O’Brien Palmer’s Daniel Frisken. Failing to adequately discharge one’s onus has come back to bite a Sydney liquidator who now has an adverse costs order attaching to whatever assets the company he controls might possess. As is explained by NSW Supreme Court judge Kate Williams In the matter of Pacific Steelfixing Pty Ltd (No 2) [2021] NSWSC 1129, whilst O’Brien Palmer partner . . ….


Forum funding agreement gave Westpac too much say

McGrathNicol chairman Jason Preston. McGrathNicol partner Jason Ireland. Federal Court judge Michael Lee wasn’t going to let a funding agreement between Westpac and Forum Finance Group’s liquidators pass without comment when the draft deed came before his honour last Friday. The agreement, which will enable liquidators Jason Preston, Jason Ireland and . . . Restricted Content Dear Reader, this story is available only to iNO…


Liquidator to pay costs despite “appropriate” defence

There’s one liquidator who must have been overjoyed last week to learn that his defence of an application to review his admittance of a proof of debt, whilst unsuccessful, was reasonable and appropriate. Being reasonable and appropriate is great to have in the bank, even if the validation is soured by orders to pay the costs of the applicant who’s challenge to your admittance of…


Lack of lit funding no bar for writ served old

KPMG’s Glenn Livingstone. Kroll Restructuring’s Steve Parbery. Any liquidator needing to know how to maintain and extend the life of a writ whilst he or she spends precious months fruitlessly searching for a sympathetic litigation funder could do worse than taking a peep at Jabiru Satellite Ltd v Societe Generale [2021] VSC 544 (2 September 2021). Whilst the search for a litigation funder in this…


Jirsch duo may shake SPL scrutiny as lender blinks

Threats of special purpose scrutiny might shortly be lifted from the shoulders of Jirsch Sutherland partners Bradd Morelli and Trent Devine after one of the players in the hotly disputed FW Projects Pty Ltd liquidation blinked. Manassen Holdings, the investment arm of wealthy food importer Roy Manassen and wife Cynthia last month wrote to lawyers representing the IGA-affiliated Karellas family. In that correspondence, details of…