dVT Group co-founder Riad Tayeh It’s never helpful when a government official casts aspersions upon insolvency practitioners two days out from a first meeting of creditors of a controversy-plagued firm whose founder has fled the jurisdiction. That however is the scenario facing dVT Group’s Suelen McCallum and Antony Resnick as they prepare for the first meeting of creditors of controversial construction firm Toplace Pty Ltd…
Lowe Lippmann partner Gideon Rathner. It had to take the long road but a persistent creditor has been vindicated in its bid to have a deed of company arrangement (DoCA) terminated after the Federal Court of Appeal last week found that the deed had been executed on the basis of materially misleading information. The impugned information was contained in a Section 530A Report provided to…
Rodgers Reidy WA partner Jack James. Rodgers Reidy WA partner Paula Jones. A group of creditors are hunting three Rodgers Reidy scalps after one of them used their casting vote to get a divisive DoCA over the line at the second meeting of creditors of Wave Projects Pty Ltd. iNO’s mail is that in the event that the deed’s opponents succeed in having the DoCA…
Committee chairman Senator Deborah O’Neill. The Parliamentary Joint Committee on Corporations and Financial Services released its report into Corporate Insolvency in Australia this week and the full list of the Committee’s recommendations can be viewed below, along with a link to the report. Unsurprisingly, the main recommendation of the Committee is that inquiries continue. The Committee has found that Australia’s insolvency regime is no longer…
Hogan Sprowles partner Michael Hogan. They may have recommended a dog of DoCA and been punted as a consequence but two Sydney practitioners are lucky they don’t have more wounds to lick. On Monday, NSW Supreme Court judge Ashley Black made costs orders in respect of Minle Wine Negociants of Australia Pty Ltd (Minle) after last week terminating a deed of company arrangement (DoCA) and…
PKF partner Simon Thorn. A NSW Supreme Court decision has visited total defeat upon liquidator Simon Thorn almost two years after a Local Court magistrate delivered him victory. In BounceLED Pty Ltd v Clear Skies Corp Pty Ltd (in liq) (No 2) [2023] NSWSC 810 judge Mark Richmond yesterday ruled that not only should Thorn pay BounceLED Pty Ltd’s (BounceLED) costs on the ordinary basis…
Richard Auricht South Australian liquidator Richard Auricht could be off to the Administrative Appeals Tribunal (AAT) after a Schedule 2 disciplinary committee ruled that his registration be cancelled. In accordance with the committee’s ruling ASIC published the decision with reasons yesterday. See: https://download.asic.gov.au/media/gacn0ghu/20230626-richard-auricht-report-final.pdf “It is not the basis upon which the fees were incurred, or the entitlement to being paid that ASIC believes makes Mr…
Grant Thornton’s Phil Campbell-Wilson. Worrells’ Christopher Darin. For some time two sets of practitioners have been tooing and frooing in respect of $20 million, claimed by one lot of liquidators in a winding up administered by another lot. Schemes of arrangement have been proposed then abandoned. Deeds of company arrangement (DoCA) likewise, and in the absence of a resolution from either of these trusted mechanisms,…
Olvera Advisors Neil Cussen. AL Restructuring founder Andre Lakomy. As we pass into the new financial year iNO can update readers in respect of our recent reporting of ructions in the Sydney offices of Cor Cordis. As of this week it appears the Sussex Street headquarters of the national firm helmed from Melbourne by Cor Cordis managing partner Bruno Secatore has lost four registered liquidators,…
Hogan Sprowles partner Michael Hogan. A decision from the NSW Supreme Court this week shines an unforgiving light on the handling of an administration by two Sydney practitioners who’ve been ousted after a creditor applied to have a deed of company arrangement (DoCA) terminated. “… unusually, in my experience, Mr Hogan indicated in evidence that the Administrators would now not seek to recover remuneration beyond…