For those in the profession who’ve yet to endure an encounter with the FEG Recovery Unit or are in the middle of a melee with FEG over fees and the like, take heed of the following comment made yesterday by Henry Carr, Director of the Fair Entitlements Guarantee Recovery Team. “I have a great team of experienced accountants and lawyers and with the the support of the industry…
PwC takeover aside, PPB Advisory cannot get a break. After the alleged villainy of former partner David Leigh was uncovered in February, you’d think the firm could earn some respite from outrageous fortune’s slings and arrows. Negative. This week the firm’s two most senior Queensland partners – Grant Sparks and Michael Owen – were served with a multi-million dollar claim for damages in relation to their…
The second meeting of creditors of failed Victorian builder Project Group Construction on Wednesday afternoon will go down as being notable for two reasons. This was the first attempt by creditor activist Subbies United (SU) to remove incumbent administrators and replace them with its preferred appointee in Victoria, a tactic SU has employed successfully in Queensland on several occasions. The attempt failed, with incumbents Ivan…
Creditors of the failed Jamie Oliver Restaurant Group (Australia) are likely to go without a dividend the Federal Court heard yesterday, as voluntary administrators (VAs) BDO made an ex-parte application to extend the convening period for the second meeting of creditors by four months. It’s been widely reported that prior to it being placed in VA last month, BDO and KordaMentha had helped negotiate a sale…
Having toppled a number of insolvency practitioners in Queensland, creditor activist group Subbies United (SU) looks set this afternoon to make its first attempt to dump an incumbent outside of the sunshine state. At 3:00pm in the Bourke Street offices of Charted Accountants Australia New Zealand (CAANZ) Melbourne, SU will hope to mobilise sufficient creditor disgruntlement to oust Worrells’ Ivan Glavas and Matthew Jess as voluntary administrators …
Still south of the border we find revealed in a judgement of the Victorian Supreme Court details of a civilised little scrap between Matthew Jess and Nathan Deppeler of Worrells (them again) and Matt Muldoon and Ken Sellers of Sellers Muldoon Benton, over the existence and extent of liens, both statutory and equitable. In the matter of Specialist Australian Security Group Pty Ltd (In Liquidation) (ACN 094 807…
Now PwC’s takeover of PPB Advisory has been endorsed by PPBA’s partners, the market’s attention will inevitably shift to the remaining independents operating at the top end – KordaMentha, McGrathNicol, Ferrier Hodgson and FTI Consulting. Does a similar fate await those remaining? SiN’s mail is that McGrathNicol has already fielded informal expressions of interest. Executive chairman Peter Anderson however wasn’t giving anything away. “We continue to…
Since Clive Palmer applied on the twelfth of April to remove those pesky special purpose liquidators (SPLs) from Queensland Nickel (QN), a Niagara of documentation has been filed. Applications, affidavits, submissions etc. Against this torrent the SPL’s Steve Parbery and Michael Owen of PPB Advisory have filed a truly voluminous reservoir of rebuttals in their defence. SiN’s been wading through the flood. Palmer is arguing…
Around midday yesterday the majority of the partners of PPB Advisory decided that staying single was a less attractive proposition than an arranged marriage with a professional services behemoth. As a consequence, 28 of the equity holders in the PPB Advisory Unit Trust duly voted to merge with PwC, ending PPBA’s 35 year history as an independent insolvency and restructuring practice. According to a source…
You might think as a registered liquidator that when the same director turns up in three liquidations referred to you by the same referrer over the course of a few years, it might be worth going and meeting that director. You might think that such a face-to-face meeting is even more important given the director appears to have been installed only months prior to the…