Whilst INO is loath to encourage a perception that it should change its masthead to “Expulsion Monthly”, it behoves us to report that the Australian Restructuring Insolvency & Turnaround Association (ARITA) has cast out another member, the third such eructation since April. The latest to fall foul of the ARITA Code of Professional Practice is Queensland practitioner Justin James Cadman, who readers may recall was…
Insolvent trading actions might be rare but they can have a galvanising effect on directors, as evidenced by the findings of his honour Judge Matthew Dicker of the NSW District Court in the matter of Inner West Demolition (NSW) Pty Limited v Silk [2018] NSWDC 136. In this instance Inner West Demolition initiated proceedings seeking to prise $327,332.50 under s 588M of the Corporations Act…
Having identified more than $60 million in potential recoveries, it’s no surprise that the liquidators of Australian Institute of Professional Education Pty Ltd (AIPE) are battling on various fronts in both attack and defensive modes. Ferrier Hodgson’s (FH) Morgan Kelly, George Georges and Ryan Eagle were appointed by way of a voluntary winding up under section 491 0f the Corporations Act on 6 October 2016. Since then…
Over in West Australia three of Hall Chadwick’s movers and shakers have extracted an interesting decision in regard to exempting priority creditors from DoCAs from newly gowned Justice John Vaughan of the Supreme Court of the Sandgropers. In Richard Albarran, Brent Kijurina and Cameron Shaw as joint and several administrators of Coopers & Oxley Builders Pty Ltd (Administrators Appointed) [2018] WASC 161 (29 May 2018) the VAs…
Nick Cooper is apparently on the verge of extracting himself from an unfortunate stoush with a former bankrupt who launched proceedings against the Worrells’ partner in the South Australian District Court. Cooper told INO yesterday that the matter was the subject of a confidential settlement in the final stages of being agreed to but that it involved an ATO debt and a caveat he’d lodged over property…
Ask a judge to extend the convening period and he or she will generally want to know if the books and records are in the applicant’s possession and answering in the negative can jeopardise the chances of the extension being granted. Yet the BDO trio appointed voluntary administrators (VAs) of Jamie’s Italian Restaurant Group recently cajoled four extra months from the courts despite what Federal Court…
Dear readers, for some time this organ’s coverage has ventured beyond the geographical boundary implied by the word Sydney in the title Sydney Insolvency News. To reflect our national focus on the insolvency and restructuring professions we bring you our new masthead, Insolvency News Online (INO). We like to pronounce INO as “Eye Know” and like to think our readers know because they read INO….
Availability of and access to litigation funders is one of the biggest challenges for liquidators and while funder numbers have swelled in recent years it doesn’t mean the dollars are easier to find. Liquidator Michael Hird has spent considerable time trying to attract a backer willing to underwrite examinations of some of the directors of the failed Allmine Group, a search outlined in convenient detail…
It’s been an eventful time for PwC’s Derrick Vickers and Sam Marsden as they conduct what in their view is the orderly winding up of the affairs of the Ostwald Brothers construction group and the trend is continuing with a meeting of creditors called for June 12 which could see the pair ousted over a contentious circular. The PwC duo were appointed voluntary administrators (VA) of Queensland-based Ostwald Bros…