Articles by Peter Gosnell

Lethal delay sinks liquidator’s voidables play

PCI Partners’ Stephen Michell. Leaving it till the last day to seek an extension of time in which to consider bringing voidable transaction proceedings has rebounded badly on Melbourne-based liquidator Stephen Michell. Last week the parties who would’ve been the subject of those voidable transaction proceedings – assuming the PCI Partners’ principal launched them – won an appeal in the Supreme Court of Victoria which…


Jirsch clings to defector’s dozen

Marcus Watters – A dozen jobs the price of joining Hall Chadwick. With the departure of Marcus Watters, Jirsch Sutherland has lost a senior Queensland operative to rival Hall Chadwick but it’s clung tenaciously to the departee’s dozen or so appointments, ensuring whatever worthwhile WIP might reside in those jobs has been kept out of the coffers of Jirsch’s fiercest foe. Watters moved to Hall…


Globetrotting engines a problem for Virgin VAs

Deloitte’s Sal Algeri. Images published this week of Virgin planes barricaded behind vehicles at Perth Airport are a reminder that the arrival of insolvency practitioners at the table doesn’t mean every player will surrender their chips. As iNO has been learning, huge, hard-to-house shaped planes are a pain to possess.  When it comes to ransoming aviation assets, the jet engines routinely removed for maintenance and…


Pitchers duo dodge inspector general bullet

Pitcher Partners’ Andrew Yeo. Pitcher Partners’ Gess Rambaldi. Water rights, unending ATO audits and internet scams – Pitchers Partners duo Andrew Yeo and Gess Rambaldi have had quite a time of it in respect of the bankruptcy of Victorian dairy farmer Peter Alan Sandles, and that’s without being heavied by the Inspector General in Bankruptcy. The intriguing tale comes to us via Federal Circuit Court…


When Construction Projects Fail

ADVERTORIAL Colliers’ Ian Pert. Ian Pert is a National Director of Colliers International Project Leaders, who provide Project and Cost Management Services through Australia.  This paper has been prompted by the impact of COVID-19, which has created a large amount of speculation in the construction market about the potential for construction projects to fail.  As construction projects slow, due to loss of productivity on site…


Lessors go feral as VAs extend liability exemption

Deloitte’s Sal Algeri. It was lessors gone feral in correspondence between legal representatives of aircraft owners and Virgin’s voluntary administrators (VAs) last week as the owners of the (mostly) grounded fleet sought to extract agreements and undertakings in exchange for refraining from challenging the VA’s application to extend their exemption from personal liability for aircraft lease payments to May 26. The lessors are owed around…


Virgin, Deloitte – conflict the inescapable reality

Opinion Mukhtader Mohammed – the aviation specialist is on the front line in the VA’s negotiations with aircraft lessors. There’s certainly been a bit said about the myriad relationships existing between insolvent aviator Virgin Australia and Deloitte, the big four professional services firm to which Virgin’s four voluntary administrators (VA) belong. The DIRRI lodged by the Deloitte four detailed the extent of the relevant relationships,…


ARITA subpoenaed as Cor Cordis duo biff with insurer

Cor Cordis NSW partner Ozem Kassem. Image courtesy Cor Cordis. It’s probably not every day the chief professional body for registered liquidators and bankruptcy trustees cops a subpoena but it happened recently in regard to former member and Cor Cordis partner Ozem Kassem. Kassem was expelled from Australian Restructuring Insolvency and Turnaround Association (ARITA) in April 2018 for refusing to engage an independent assessor to…


COVID-19 wreaking havoc on delayed VAs

KPMG’s Gayle Dickerson. KPMG’s Ryan Eagle Another day, another judgement detailing the havoc wreaked on the voluntary administrations process (VAs) by COVID-9. In Eagle, in the matter of Techfront Australia Pty Limited (administrators appointed) [2020] FCA 542 Justice Kathleen Farrell provided a conveniently succinct account of the obstacles the virus had placed in the path of KPMG partners Ryan Eagle and Gayle Dickerson, who were…


Virgin – VA’s rivals riled and claiming conflicts

Deloitte’s Vaughan Strawbridge. KordaMentha’s Mark Korda. As significant a news story as Deloitte’s appointment as voluntary administrators (VAs) of Virgin Australia Group is, it pales beside the unsubstantiated scuttlebutt upon which iNO routinely latches like a vengeful lamprey with a surfeit of monarchs. Simply put, the mail going around is that KordaMentha co-founder Mark Korda is less than impressed at being overlooked for this historic…