This afternoon lawyers for BDO partners James White, Andrew Sallway and Nick Martin will return to the Federal Court hoping to reverse the April 9, 2018 judgment of Justice Nye Perram in the matter of Mossgreen Pty Ltd (Administrators Appointed) [2018] FCA 471. Last Monday the judge ruled that the BDO trio – who were appointed administrators of the gallery and auction house on December 21,…
Sydney liquidator Randall Joubert will soon know whether his registration is to be cancelled after hearings in the Administrative Appeals Tribunal (AAT) appeared to conclude on Monday. We say appeared only because one can never be sure with such an interminable sequence of proceedings – they commenced in May 2016 – but after attending the hearing it was evident that AAT deputy president Brian Rayment had…
It may not exert the intimidatory malevolence of an MUA picket just yet but Subbies United (Subbies) is making its presence felt, having engineered another coup against an incumbent liquidator deemed too close to their appointor. Latest to feel the sting of the sub-contractors’ champion is SV Partners’ Matt Bookless, who was ousted as liquidator of Future Urban Residential Pty Ltd last week at a meeting convened…
Veritas Advisory trustee in bankruptcy Louise Thomson has been vindicated by the first disciplinary committee convened under Schedule 2, section 40-45 of the Bankruptcy Act, 1966. In a Decision Committee Report the Committee decided that: i. the Trustee should continue to be registered. 11. suspension, or restriction on the Trustee’s appointments is not appropriate. Iii. public admonishment or reprimand is not appropriate. Iv. a condition…
As PwC runs the ruler over PPB Advisory (PPBA) ahead of a possible takeover later this year it’s worth noting that legacy issues like the consequences of the alleged fraud perpetrated by ex-partner David Leigh will be on the minds of both sides. For PPBA, that involves dealing with the fallout from Leigh’s decision last year to transfer $800,000 from the liquidation account of Neolido Holdings to Bank…
Paul Leroy may be retiring from the Hall Chadwick partnership and the firm after 28 years but if his final day has yet to come it’s unlikely to be a sentimental affair if orders made recently in the NSW Supreme Court are any guide. As it turns out, Leroy is locked in a partnership dispute with his colleagues at 2 Park Street which is of sufficient…
PwC’s takeover of PPB Advisory/Litmus is scheduled to be completed by July 1, 2018 according to sources close to the deal who said a non-binding agreement is in place and due diligence underway. SiN understands that the big four accounting firm is keen to get its hands on the Litmus management consulting business and will take PPB’s traditional corporate restructuring and insolvency division with the…
The Federal Court’s Justice Steven Rares has utilised a receiver’s claim for remuneration to opine less than favourably about the “above normal returns” attracting increasing numbers of hopefuls into the colosseum that is Australia’s litigation funding space. In Australian Executor Trustee Ltd v Provident Capital Ltd [2018] FCA 439 Justice Rares quoted University of New South Wales Professor of Law Michael Legg, who in a recent article determined that…
Maybe the 2016 merger with Litmus was just the beginning for PPB Advisory (PPBA) with SiN’s M&A network revealing that the national consulting, restructuring and insolvency practice founded by Max Prentice, Steve Parbery, and Vince Barilla in 1983 is discussing a merger with PwC. The merger talks – confirmed by well-placed sources – were said to be well advanced but neither firm would confirm or deny the reports when contacted late…
Sibling liquidators Sule Arnautovic and Amanda Young were having a little trouble yesterday trying to persuade Federal Court Judge Kathleen Farrell to approve a funding deed that will govern $450,000 the Jirsch Sutherland pair are to deploy investigating an alleged phoenix transaction. The funding has been put up by GDK Projects, which on January 21, 2015 won judgment against Umberto Pty Ltd, the former operator of Candelori’s…