Vincents Director Henry McKenna. After listening to a part of the appeal in the mater of Alora Property Group Pty Ltd (APG) v Henry McKenna, iNO can report that Vincents director McKenna is unlikely to be losing any sleep. Based on the reception the appellant’s counsel received from the three appeals court judges in the initial stages of the application yesterday, there would seem in…
Pitcher Partners’ Bryan Hughes. Sheridan’s Chartered Accountants principal Jennifer Low. It’s never a good look when a registered liquidator and senior partner of a national insolvency firm is summonsed to appear for public examination. When the examinee’s brother is involved in the brouhaha and there’s a glimmer of insolvent trading, well, it’s a sight to make eyes sore. “The (Titan) Board are satisfied they acted…
Darryl Kirk of Cor Cordis Brisbane. Well it turns out that when objectors to a liquidator’s remuneration application becomes in the court’s eyes adversaries, they can be liable for the liquidator’s costs of responding. The decision in question can be found at: Manicaros v Commercial Images (Aust) Pty Ltd [2022] QSC 83 which tells of the stiff resistance Cor Cordis partner Darryl Kirk encountered in…
dVT Group co-founder Riad Tayeh Retired dVT Group co-founder Anton de Vries The clock is nearing a minute to midnight for dVT Group co-founder Riad Tayeh, with the Federal Circuit Court preparing to hear a creditor’s petition application lodged on May 10 by the liquidators of Timbercorp. If unopposed the 58 year old registered liquidator could be declared bankrupt next month. Such a declaration would…
When a minion nicks millions from creditors it’s no surprise that the make good is both instantaneous and inclusive of interest. For restructuring behemoth Deloitte, there was surely never any suggestion that the big four firm’s well-heeled partners would resile from repaying every cent allegedly looted from various liquidation accounts that had had some level of interaction with Paul Quill, the now ex-Deloitte Melbourne director…
Hamilton Murphy’s Richard Rohrt. Those who knew about it were no doubt relieved when a court recently refused to pave the way for disgruntled shareholders to pursue liquidators for compensation without a court-ordered inquiry having first found adverse conduct. The decision of the Victorian Supreme Court of Appeal was delivered on May 10 in the matter of Djordjevich v Rohrt [2022] VSCA 84 and of…
Sydney liquidator Greg Parker has suffered another blow in his ongoing stoush with the former directors of Worldwide Specialty Property Services (WSPS) as he defends allegations of negligence and claims for damages. As explained in Lee v Parker (No 2) [2022] FCA 582 Parker last week lost his bid to force the ex-directors to stump up more than $500,000 in security for costs. The Clarence…
PKF’s Petr Vrsecky. PKF partner Glenn Franklin. There was much hyperventilating last week after delivery of judgment in the matter of Intellicomms Pty Ltd (in liq) [2022] VSC 228 which record the first application of new laws aimed at combatting illegal phoenix activity. While it’s early days and the judgment could be overturned on appeal, few of the breathless commentators who explored this inaugural application…
Grant Thornton’s Mike McCann. Mackay Goodwin principal Domenic Calabretta. No doubt the Minutes of the most recent meeting of creditors of CRCG Rimfire Pty Ltd will tell an interesting tale when they become available but iNO has gleaned sufficient intel to report that the incumbent deed administrators are no more. On May 11 creditors resolved to turf the Grant Thornton duo of Michael McCann and…
KPMG’s Peter Gothard. EYs restructuring chief down under – Adam Nikitins. With an asset of the significance of the Basslink undersea electricity transmission cable linking Tasmania and the Australian mainland, it’s not difficult to imagine how a labyrinth of competing interests might have foiled the best efforts of the receivers appointed to the infrastructure group in November 2021 to effect a sale. That the receivers…