Woodgate & Co’s Giles Woodgate. After six months on light duties those individuals called upon to consider the allegations of misconduct that ASIC routinely levels against registered liquidators suddenly have a full in-tray. “The committee must decide within 45 business days after interviewing you whether or not you should be registered as a liquidator: s20-20(3)”. ASIC Regulatory Guide 258. Last week Sydney liquidator Giles Woodgate’s…
Trustee in Bankruptcy Andrew Aravanis. Trustee in Bankruptcy Alexander Clark. The most likely outcome flowing from this week’s court ruling in the bitter fight between the trustees of bankrupt ex-Corr’s partner Phil Kapp and his wife Maryann is likely to be an appeal. “Although the bankruptcy trustees have had some success they have failed on most of their claims. Federal Court Judge Nye Perram. On…
Menzies Advisory’s Michael Caspaney. Victorian liquidator Peter Goodin. It’s past indiscretions at 10 paces in the Federal Court this week as interests associated with the Modscape Group continue to do everything they can to prevent the liquidator who had concerns about their 2017 restructure being paid the fees he earned and the expenses he incurred during his tumultuous, 11 month tenure. “Mr Luntz does not…
Mackay Goodwin principal Domenic Calabretta. Mackay Goodwin director Edwin Narayan. Two Sydney practitioners who tried to stall a winding up so they could put a DoCA proposal to creditors have lost the application and the gig after a court refused to adjourn the hearing and sided with the petitioning creditor’s preferred nominee as liquidator. The bid for an adjournment in the matter of The Deputy…
Hall Chadwick’s Richard Lawrence. Hall Chadwick’s Richard Albarran. The latest chapter in the fight by Richard Albarran and Richard Lawrence to be paid outstanding remuneration for their time as liquidators of start-up accelerator Tauro Capital (Tauro) could be cut short if Tauro creditors like the latest solution being proposed. Today it’s expected that the current liquidators of Tauro will distribute a report that includes a…
Deloitte’s Sal Algeri. The dull ache caused by the commencement of DoCA amendment proceedings in the Supreme Court of Queensland is threatening to become a thumping migraine for Deloitte partner David Orr and his fellow Probuild deed administrators (DA). This week Probuild creditors received an update from Orr’s colleague and co-DA Sal Algeri advising that in the wake of their June 1 circular revealing that…
FTI Consulting’s John Park. LMIM receiver David Whyte. FTI Consulting’s John Park is not helping former BDO Partner David Whyte walk away from insolvency without a care, not when there’s a fight over $5 million in adverse costs still to be had. Despite retiring in 2021 Whyte is still in the thick of it in respect of at least one appointment thanks to Park and…
Dye & Co’s Nicholas Giasoumi. Nine months might seem a fair old span to let pass before asking a court to declare that you’ve acted reasonably in trading on a bare trustee but as former Prime Minister John Howard likes to remind us, context is everything. To begin with, knowing that the sole function of the company to which you’re appointed was to act as…
Dye & Co’s Hamish MacKinnon. Dye & Co’s Nicholas Giasoumi. Issuing demands for payment of claims unproven at the time the demands are issued might well be a common practice but Federal Court judge David O’Callaghan has placed it on the endangered list. In his decision in Gadsden v MacKinnon (Liquidator), in the matter of Allibi Pty Ltd (in liq) [2023] FCA 647 Justice O’Callaghan…
Balance Insolvency principal Tim Cook. An abundance of caution. If ever there was a phrase that gets an airing in most if not all court applications it would be this, at least when those applications involve an insolvency practitioner seeking fee approval for work performed as both liquidator of a corporate trustee and receiver of the associated trust assets. The reason for the phrase’s frequency…