Articles by Peter Gosnell

Receiver guilty of misconduct but retains role

BPS Reconstruction & Recovery partner Simon Nelson. South-of-the-wall IP Simon Nelson has copped a finding of misconduct from a judge of the Victorian Supreme Court but has retained his position as receiver of Tomi-Sasha Holdings Pty Ltd, the former corporate trustee of the National Property Trust controlled by wealthy Melburnians Eileen and Wayne Crewes. In Re Tomi-Sasha Holdings Pty Ltd (rec and mgr apptd)(adm apptd)…


Deed of Assignment a first for Deputy Commissioner

Minter Ellison’s Michael Hughes. Told the court he had been advised the deed of assignment with the Deputy Commissioner of Taxation was a first. Firsts are generally worth a mention and Sydney liquidator Steve Nicols has reportedly chalked up such a milestone by entering into a deed of assignment that transfers a cause of action in the winding up of Anatax Pty Ltd to the…


Sargon receivers embroiled in Federal Court disputes

McGrathNicol’s Shaun Fraser. The receivers of various Sargon Group entities and their appointors are allegedly “embroiled” in two disputes in the Federal Court”, a court heard this week. The claim was made on Monday in the NSW Supreme Court by lawyers for one set of receivers – PwC’s Chris Hill and Dan Walley – in their capacity as receivers of SC Australian Holdings 1 Pty…


Cor Cordis pair’s bold lunge for costs restrained

Emu Group liquidator Andre Lakomy. Cor Cordis’s Alan Walker. iNO generally concurs with the approach that when one stumbles at the start it’s best to decry humility in favour of a bold lunge, one aimed at re-establishing primacy in the administration of an entity’s affairs.  Unfortunately for the applicant liquidators in In the matter of Emu Group Pty Ltd (in liq) (No 2) [2020] NSWSC…


The vicissitudes of van der Velde priced at $300,000

SV Partners managing director Terry van der Velde. SV Partners boss Terry van der Velde would’ve known it was coming but it seems a costs order of $298,898.49 is a sum even a successful mid-tier insolvency chieftain can’t effortlessly cajole from one’s indemnity insurer. van der Velde’s vicissitudes were made manifest on August 12 by Federal Court Registrar Tom Morgan, who determined that a previous…


Liquidator evades removal bid – just

Romanis Cant’s Tony Cant. Romanis Cant principal Tony Cant has fended off an application brought by a creditor seeking his removal as liquidator of Foodcorp (Vic) Pty Ltd but only it would seem, by the skin of his teeth. The judgment of Federal Court Judge Neil McKerracher in Sands Contracting Pty Ltd v Foodcorp (VIC) Pty Ltd [2020] FCA 1274 outlines the dismal imbroglio of…


Condon Advisory Group punts on Victoria

Advertorial Condon Advisory Group’s Schon Condon. Michael Royal: spearheading Condon Advisory Group’s Melbourne move. Sydney insolvency firm Condon Advisory Group (CAG) is demonstrating some entrepreneurial grit with an expansion into Victoria through an arrangement with Melbourne-based practitioner Michael Royal. “In order to service the growing number of Victorian businesses suffering during recent times, CAG will be expanding its operation by opening an office in Melbourne…


Fly365 “flush with cash” before liquidator appointed

Aston Chace’s Ian Niccol. Aston Chace’s Vincent Pirina. A court has heard that the coffers of failed online travel agency Fly365 were “flush with cash” only days before the company was placed into liquidation, plunging the travel plans of thousands into chaos and leaving creditors chasing up to $30 million in debts. The revelations emerged during an ex-parte application in the Federal Court yesterday brought…


Lit funder Vannin to cough up security in cash

Hall Chadwick’s Richard Albarran. Hall Chadwick’s Blair Pleash. We’re sure Vannin Capital is a successful player in the oft-times lucrative litigation funding space but two insolvency-based bets it’s made in Queensland have proved troublesome. Little mystery can attach to why bankrolling the general purpose liquidators (GPLs) of Queensland Nickel in litigation involving the company’s former director Clive Palmer hasn’t gone to plan. Palmer could probably…


ASIC pursues beef with KPMG pair over GD Pork

KPMG’s Martin Jones. KPMG’s Andrew Smith. There’s an intriguing stoush simmering away in Fortress West Australia where the corporate regulator has urgently intervened in an application by two KPMG restructuring partners in respect of remuneration.  The fun began on February 1, 2019 when then Ferrier Hodgson Perth partner and liquidator Martin Jones filed an originating process and supporting documentation with the West Australian Supreme Court. …