SV Partners’ David Stimpson. A recent judgment of Queensland Supreme Court judge David Jackson contains a wealth of insight into issues of relevance to insolvency practitioners, most notably those of solvency or insolvency, validity of appointment, remuneration and last but not least, disruptive humbug. Whilst the judgment represents an exceptional reference for practitioners and their legal advisors alike, some thought must be spared for the…
Hall Chadwick’s Richard Albarran. Hall Chadwick’s Richard Lawrence. “Nice try but no cigar” might have been the words chief judge in equity David Hammerschlag muttered as he put the finishing touches to his ruling on the application by three Hall Chadwick partners for an order that they were entitled to an equitable lien over funds that might normally have been excepted to be the exclusive…
Liquidator Gavin Moss. Photo: iNO Images A recent decision out of the NSW Supreme Court shows how liquidators using the same lawyer who acts for creditors or the liquidator’s funder can quell conflict concerns. In this case Chifley Advisory principal Gavin Moss had to defend himself from allegations of multiple conflict-related breaches of duty by Ian Dresner, the director of churrasco operator Fogo Brazilia Holdings…
Westburn Advisory’s Shumit Banerjee. Chifley Advisory’s Mohammad Najjar. In these hyper-competitive times missing out on a gig to a rival must sting and all the more so when lawyers are telling courts there are issues with your consent. This week lawyers appeared in the NSW Supreme Court in the matter of Dynamic Water Solutions Pty Ltd. An application to wind up the company was the…
EY’s Sam Freeman. EY’s Colby O’Brien. Remember the stick those administrators appointed to Pindan Group last year copped after it was revealed – by iNO – the extent of the relationships the VAs’ firm EY has with Pindan, its immediate owner Oxley Sparkle and ultimate parent, Oxley Holdings Limited? Plenty was how much and plenty of iNO readers thought that their being able to continue…
H&H Advisory principal Shahin Hussain. A recent decision in the Supreme Court of Victoria has highlighted how vulnerable to challenge can be the validity of a receivership appointment. The details are contained in Ozkar Pty Ltd v Ed’s Foods Pty Ltd & Anor [2022] VSC 207 which saw Ozkar Pty Ltd obtain orders restraining H&H Advisory principal Shahin Hussain from disbursing funds from the proceeds…
Retired dVT Group co-founder Anton de Vries dVT Group co-founder Riad Tayeh Things have gotten very real this week with lawyers for the liquidators of Timbercorp filing bankruptcy proceedings in the Federal Court against Anton de Vries and Riad Tayeh. As well as being the subject of claims for almost $5 million in relation to loans the pair obtained back in 2006 as part of…
Morton + Lee Insolvency’s Gavin Morton. No practitioner likes being replaced just when the labour of administration looks set to moderate courtesy of a deed proposal but unsecureds can be restive beasts, particularly when they are the ATO. Last month it was the turn of Queensland liquidator Gavin Morton to test the Commonwealth debt collector’s patience in relation to a Deed of Company Arrangement (DoCA)…
Oracle Advisory founder Nick Cooper. Worrells partner Paul Burness. There’ll be a gnashing of teeth among Worrells’ equity partners after a court ordered Worrells Services Pty Ltd (Services) – which houses the Worrells network’s liquidation file data – to pay indemnity costs to former Worrells South Australia (SA) partner Nick Cooper. In a recent judgment handed down by Supreme Court of South Australia judge Katrina…
FEG Active Creditor Recovery Unit Director Henry Carr. There may be much for circulating asset aficionados to ponder in the event that the Commonwealth – through its FEG Recovery Division – commences proceedings against the former receivers of Castel Electronics Pty Ltd. iNO says if because at this point all the Commonwealth has done is obtain orders ensuring that the company cannot be deregistered by…