Is it a cram down or is it not? That’s the question a judge will have decide if proceedings currently afoot in the NSW Supreme Court are not soon resolved. And if the dispute goes to hearing the outcome could see two incumbent deed administrators (DAs) punted, a DoCA terminated and a mid-tier builder wound up. The matter came to iNO’s attention last week when…
KordaMentha partner Scott Langdon. KordaMentha partner Jennifer Nettleton. Curious aspects abound in the administration of DCA Capital Pty Ltd and Digital Commodity Assets Pty Ltd (DCA Group) but for present purposes allow iNO to focus on the haste with which three KordaMentha partners concluded that they needed to be appointed to the companies as provisional liquidators (ProvLiqs).
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KordaMentha’s Scott Langdon. KordaMentha partner Jennifer Nettleton. The Federal Court has heard that three KordaMentha partners are in breach of the Corporations Act (The Act) because they consented to be appointed as provisional liquidators (ProvLiqs) of companies, the property of which they already controlled as receiver managers. Acting for a group of investor/creditors of DCA Capital Pty Ltd . . . Restricted Content Dear Reader,…
Balance Insolvency principal Tim Cook. In the NSW Supreme Court this week iNO heard tell of a liquidator who on being presented with two options, chose a third which doesn’t exist. It hasn’t turned out well, though as is chronicled below, worse was averted. The practitioner in question is Balance Insolvency’s Tim Cook, and it would be remiss of us to not also mention Mills…
Simon Cathro is hoping to replace KordaMentha trio on DCA Capital job. There’s nothing like a banquet of calorific assets to pique the appetite of an insolvency profession underwhelmed by the nutrient-deficient work currently dominating appointment lists. And there’s nothing more certain than that any practitioners with such a lavish spread within reach are unlikely to let a rival take the last plate, which brings…
Hall Chadwick’s Richard Albarran. Hall Chadwick WA partner Cameron Shaw. Well they’ve taken their time but the reasons determining an application for almost $1 million in remuneration have entered the public domain, and how worthy of the wait they are. In 266 paragraphs Federal Court judge Michael Feutrill has meticulously laid bare why the overwhelming majority of the fees and costs sought by Hall Chadwick…
KordaMentha Singapore partner Cameron Duncan. One bad interview before a disciplinary committee is all it takes to lose one’s registration as a liquidator. Fortunately, one good performance before the Administrative Appeals Tribunal (AAT) is all it takes to have an order cancelling one’s registration overturned. “the committee’s adverse decision appeared to be premised almost entirely on what it took to be Mr Duncan’s sub-optimal performance…
John Sheahan of Sheahan and Lock. Well this is rich. Directors conflicted to their eyeballs, objecting to a liquidator’s application to be appointed liquidator on the basis that he’d be conflicted. And a judge agreeing. Of course, in an administration involving an impugned corporate group, dubious inter-company loans, deeds of settlement and of release, Swiss accounts and Israeli banks, industrial-scale tax avoidance and jurisdictional departures,…
Kennedy Ryan principal Richard Rohrt. Removing an incumbent liquidator is a high hurdle but Sydney accountant Rose Guerin is having a crack, seemingly compelled by the toxicity of her relationship with Kennedy Ryan’s Richard Rohrt, liquidator of her failed accounting firm, Rose Guerin and Partners Pty Ltd. In the Federal Court yesterday, Guerin’s counsel told judge Roger Derrington that his client would argue that Rohrt…