Deloitte partner Matthew Donnelly. Barely a week after warning Probuild creditors that legal proceedings will delay payment of any dividend, the four appointees of the DoCAlypse have again ridden forth bearing tidings of woe. “I tentatively suggest a return of not more than 10c in the dollar might be paid before the end of 2025. I emphasise this is a crude estimate only and the…
BDO partner Shaun McKinnon. Thomson Geer partner Scott Guthrie. Getting a straight answer about DoCA funding can be tougher than shelling an uncooked prawn, as lawyer Scott Guthrie can attest. When the Thomson Geer partner appeared at the second meeting of creditors of stalled aquaculture play Project Sea Dragon Pty Ltd (PSDPL) Guthrie had one overriding concern – if the company was returned to the…
Fort Restructuring co-founder Mark Robinson. Fort Restructuring co-founder Ken Whittingham. With the COVID freeze on decision-making thawing and restraints on the proper application of debt recovery and insolvency laws removed, practitioners are launching new firms in increasing numbers. Among them are Mark Robinson and Ken Whittingham, who’ve teamed up to form Fort Restructuring, an SME and creditor-focussed practice the pair plan to grow into a…
Hamilton Murphy’s Stephen Dixon. Who’d be a landlord? That’s the question that came to mind as iNO read about Centuria Property Funds No 2 Limited (CCPF) in its battle with a tenant who didn’t pay which then became a battle with the insolvency practitioner appointed the day after the tenant failed to comply with a court ordered deadline for payment to CCPF of $1,037,289.31c. “Regardless…
FerrierSilvia’s Brian Silvia. One of the great challenges for the highly productive professional is resisting the temptation to spread oneself too thinly. There are only so many appointments, directorships and fiduciaries an individual can hold before their capacity to perform is diminished by an escalating volume of tasks, and if that tipping point is either not recognised or seen as another challenge to be surmounted…
Deloitte Partner David Orr. The four Deloitte partners charged with shepherding the Probuild Group Deed of Company Arrangement (DoCA) to effectuation had some unpleasant news for creditors last week. In a circular dated June 1, lead deed administrator David Orr advised that one creditor – Destination Brisbane Consortium (DBC) – had filed an application in the Supreme Court of Queensland on March 31 seeking to…
BPS Resolved’s Dave Sampson. Mackay Goodwin’s David Hurst. Dave Sampson and David Hurst have copped a spray in a judgement as a frustrated lender seeks discovery from the pair in their capacities as receivers of development property at Castle Hill owned by Cecil Developments Pty Ltd (Cecil). In Globe Capital Administration Pty Ltd v Cecil Developments Pty Ltd atf the Cecil Developments Unit Trust (Receivers…
KordaMentha partner Rahul Goyal. KordaMentha partner Michael Korda. Australian-domiciled receivers fishing for evidence of an alleged fraud are having a tough time obtaining a permit to cast in Swiss ponds. In the Federal Court yesterday, counsel for the receivers of Innovative 3D Technology Pty Ltd was warned that his client’s application to amend an existing process involving the issuance of subpoenas and summonses for examination…
Aston Chace principal Steve Naidenov. ASIC has referred Aston Chace co-principal Steve Naidenov to a schedule 2 disciplinary committee following the issuance of a show cause notice. According to a Form 986 posted on ASIC’s website, Naidenov has allegedly contravened a provision of the Corporations Act’s Insolvency Practice Schedule, has failed to carry out his duties as a liquidator and is not a fit and…
Olvera Advisors’ Kate Barnet. Olvera Advisors’ Damien Hodgkinson. The NSW Supreme Court of Appeal has overturned a decision that favoured the Commonwealth over a secured creditor in a dispute over which them was entitled to almost $2 million in Research & Development (R&D) tax refunds. In the primary decision delivered in March last year, NSW Supreme Court judge Ashley Black found that the refunds constituted…