ARMSTRONG Wily principal Andrew Wily has confirmed he has surrendered his registration as a trustee in bankruptcy, blaming onerous regulation and meagre profits. “It’s been brewing for a while,” Wily told SiN when asked when he decided to give up his ticket. “It’s a process that will go on for months of winding down, that’s all,” he said. The Australian Financial Security Authority (AFSA), which regulates personal insolvency,…
BANKRUPTCY trustee Max Prentice has won possession of a rambling property in Bunyala Road, Bellevue Hill valued at up to $4 million. On Tuesday, Federal Court Judge Robert Buchanan ordered the large residential home vest with Prentice as trustee for sale. The judge gave the bankrupt, Robert Gilbert Coshott, his wife Ljiljana and their sons James and Michael 42 days to clear out. You can…
Katherine Barnet leaving the Supreme Court Photo: iNO Images SUPREME Court Acting Justice Peter Young has spiked the punch at the Octaviar liquidators’ ex-parte party. In a recent judgement the judge criticised liquidators Kate Barnet and Bill Fletcher for a lack of candour, branded Barnet’s performance during cross-examination as “so vague as to be of little value” and rejected the Bentley pair’s attempts to repel…
IT was an unusual little meeting at the offices of the Official Trustee in Bankruptcy last month. There were two private trustees present. A third and fourth attended by proxy. And each was vying to take on the trusteeship of the bankrupt estate of Robert Gilbert Coshott. Coshott is a former solicitor who was struck off the roll in 1997. He was bankrupted in 2008…
Being cross-examined can’t be fun for any liquidator and Katherine Barnet won’t feel like the one who dodged the bullet after fronting the NSW Supreme Court yesterday. The insolvency specialist and director at Bentleys Corporate Recovery was brought in to talk about failed property investment group Octaviar. She began by getting confused about which of the two witness boxes to occupy. Perhaps the courtroom atmosphere…