Balance Insolvency principal Tim Cook. Criticisms of a 439A report produced by Balance Insolvency’s Tim Cook have been revealed in a judgment delivered this morning by Justice Ashley Black in the NSW Supreme Court. Cook’s report was issued on April 9, 2019 following his appointment as voluntary administrator (VA) of Citadel Financial Corporation. Citadel sought Cook’s consent to act after it lost a case in…
Worrells’ Dominic Cantone. Worrells’ Nick Cooper. Worrells’ duo Dominic Cantone and Nick Cooper could shortly be calling their professional indemnity insurer after a Federal Court judge on Monday proposed making orders requiring them to pay costs minus the usual right of indemnification. In Adelaide Brighton Cement Limited, in the matter of Concrete Supply Pty Ltd v Concrete Supply Pty Ltd (Subject to Deed of Company…
Savants Adrian Duncan. The relative difference in rates of insolvency appointments between the UK and Australia has been starkly illustrated in a NSW Supreme Court judgment involving one of the founders of failed share market hopeful Knights Insolvency Administration. UK based chartered accountant Adrian Duncan was one of two vendors who took the doomed Knights insolvency model to investors back when the irrational exuberance of…
On the move but not yet on a roll. Liquidator Mitchell Ball. Rolling across iNO’s desk in recent weeks have been murmurings about movement in Kent Street, where we understand Mitchell Ball, who puts the B in BPS Recovery, has parted company with the P and the S, Max Prentice and David Sampson. iNO’s mail is that Ball and a couple of his staff have…
SV Partners’ Darren Vardy. SV Partners director Darren Vardy is neck deep in a stoush with Chubb Insurance Australia Limited over the question of whether a man who was sole director, sole shareholder and lone company secretary of All Class Insurance Brokers was an employee. If he wasn’t that means the more than $2 million sole director Leroy Bowmaker took from All Class’s trust account…
BRI Ferrier’s Peter Krejci. BRI Ferrier’s Brian Silvia. One thing you can say about veteran insolvency practitioner and BRI Ferrier NSW partner Brian Silvia is that he’s not the type to go quietly, which is probably why the sound of equity holders’ heads butting has reached iNO’s ear, all the way from BRI’s offices atop Australia Square. iNO’s intelligence network has learned that Silvia and…
Tony McGrath. McGrathNicol Partner Kathy Sozou. “You only get one HIH in a lifetime of liquidations” insolvency veteran Tony McGrath might by moved to say as he finalises one of, if not the last of his formal insolvency appointments in pursuit of life as consultant, expert witness and independent company director. The imagined comment – fashioned from the late Kerry Francis Bullmore Packer’s famous quip…
Advertorial New Boutique Advisory Firm Olvera Advisors To Help Businesses Transition to post-COVID Conditions Olvera Advisors’ Damien Hodgkinson. Olvera Advisors’ Lucy Vecchio. The COVID pandemic has forced businesses large and small to navigate the twin challenges of dealing with the crisis while also trying to identify their function in the market when conditions recover. Nobody can be sure what the new normal will look like…
CRS Warner principal Anthony Warner Insolvency Experts’ principal Steve Kugel. Sydney liquidator Anthony Warner has had a partial but important win this week in his marathon dust up with former business partner and liquidator Steve Kugel. In Warner Capital Pty Ltd v Shazbot Pty Ltd [2020] NSWCA 121 three judges of the NSW Supreme Court’s Court of Appeal on Wednesday overturned the decision of Justice…
Pilot Partners’ Nigel Markey. Pilot Partners’ Anne Fordyce. If ever there was a story with a moral secreted within it’s this one, which tells the tale of the Pilot Partners pair who were dealt a lesson by the courts about knowing when to hold and when to fold. As liquidators of Fairfield Services Pty Ltd Pilot Partners’ Nigel Markey and Anne Fordyce commenced proceedings in…