Balance Insolvency principal Tim Cook. An appeal against a judgment that went the way of FTI Consulting’s John Park and Kelly-Anne Trenfield kicked off in the Federal Court yesterday and there’s plenty to ponder as it pertains to Citadel Finance Corporation (CFC) and its labour hire subsidiary Action Scaffolding & Rigging Pty Limited (AS&R). A financier of its own operating entities, CFC is the appellant…
PCI Partner’s John Melluish. PCI Partners’ John Melluish might soon find himself burning the midnight oil, if such an archaism can still be deployed to describe working long hours, after accepting an 11th hour engagement to prepare solvency reports for tennis legend Ken Rosewall. The octogenarian one time grass court maestro is attempting to fend off efforts to recover almost $3.5 million in payments received…
Deloitte’s David Mansfield. Proceedings to set aside the winding up of a Dyldam group company buckling under onerous obligations and weakening property prices have highlighted the different way judges and liquidators sometimes see solvency. In the matter of Rainbow Carlingford One Pty Limited (in liquidation) (ACN 604 122 054) [2019] NSWSC 971 the financial analysis of Deloitte’s David Mansfield was submitted in favour of an…
BBY liquidator Stephen Vaughan. The brain-contorting complexity of the BBY Limited liquidation is back on display after liquidators Stephen Vaughan and Ian Hall sought to retreat to a simpler regime for the recovery of costs. The simpler regime was first put in place in 2015 by Justice Paul Brereton, who has since fled to the Court of Appeal. At the time the regime was seen…
O’Brien Palmer’s Daniel Frisken. O’Brien Palmer’s Daniel Frisken won’t be the last insolvency practitioner to rue the increasingly intrusive remit of the corporate regulator but the circumstances around how he and OBP partner Liam Bailey came to stand aside as appointees on Urban Couture thanks to the dreaded double might test make for an instructive tale. Frisken was approached about a possible voluntary administrator’s (VA)…
Menzies Advisory’s Michael Caspaney Those construction industry insolvencies seem to have particularly restive committees of inspection (COIs) and it may be that the Walton Construction entities in liquidation fall into this category given the judgment handed down last week. In the matter of Williams & Kersten Pty Ltd ACN 141 894 724 & Anor v Walton Construction (QLD) Pty Ltd (In Liquidation) ACN 100 833…
Welcome to The Opinionator, a new addition to the insolvency-focussed coverage featured by Insolvency News Online. Whether you have a point to propound or a spleen to vent, The Opinionator awaits your ire, your dudgeon, your debate and your discord. Contact [email protected] for details. By Anon. After many inquiries into the conduct of external administrators – including the Arrif case – it was thought at…
John Kukulovski. Andrew Ngo. In the final months of 2015, a most irregular meeting took place between two senior partners of Jirsch Sutherland and a team of ASIC officers. Information obtained by iNO shows that the aim of the November 24, 2015 meeting was to canvass issues relating to a supposed “confession” made by Andrew Ngo, a former Jirsch director who joined Mackay Goodwin in…
Living in Prague: Clamenz Lawyers’ Daniel Clarke. INO has republished this article because it has been brought to our attention that the previous version contains imputations that Veritas Advisory, and its directors, knowingly accepted an appointment of a company involved in a tax scam. In fact the Plutus Payroll Australia Pty Ltd appointment was not referred to Veritas Advisory by Mr Clarke or Clamnez Lawyers. …
dVT’s Suelen McCallum. Identifying who will ultimately act as expert solvency witness for Clive Palmer in his defence of claims brought by Queensland Nickel’s (QN) general and special purpose liquidators is turning out to be less straightforward than iNO originally assumed. After reporting last week that Pitcher Partners’ Perth chief Bryan Hughes had been named in the Queensland Supreme Court as Palmer’s preferred nominee to…