You win some you lose some it seems with Jirsch Sutherland’s sibling practitioners Sule Arnautovic and Amanda Young scooping up a gig as special purpose liquidators (SPLs) of Umberto Pty Ltd, the former owner of Candelori’s Restaurant, after SV Partners’ Shumit Banerjee and Jason Porter apparently found aspects of the proposed funding agreement not to their taste. The four practitioner’s names came up in proceedings in the Federal Court…
On Monday dVT partners Riad Tayeh and David Solomon narrowly avoided an indemnity costs order sought by their old mates from the Department of Employment’s FEG Recovery Unit. FEG had sought orders that Tayeh and Solomons personally pay FEG’s costs of proceedings it brought in November 2017 to have the dVT’s pair replaced as liquidators of Damilcrest Pty Ltd after they had previously declined three times to resign voluntarily…
In a sign that last year’s reports about the demise of ANZ’s Asia strategy were potentially premature, the bank has announced it’s lured experienced loans and advisory executive Richard Dawson from the UK to take on a senior role based in Hong Kong. Dawson, former global head of debt advisory at KPMG has been appointed head of Loans & Specialised Finance, International to further strengthen…
The alleged misappropriation of $800,000 from the liquidation account of Neolido Holdings by David Leigh will produce plenty of fallout for his ex-colleagues at PPB Advisory (PPBA) and no partner is closer to ground zero than Grant Sparks. SiN makes no suggestion that Sparks was in any way complicit in the alleged fraud or negligent but as joint liquidator of Neolido Holdings he, like any other…
Jirsch Sutherland’s Glenn Crisp must be fuming after a director who appointed him and colleague Liam Bellamy as voluntary administrators (VAs) of multi-channel clothing retailer Zachary the Label turned up at the first meeting and used his leverage as major creditor via related company H & A Outfitters Group to replace the Jirsch pair. The job came to Jirsch’s Melbourne office on February 22, 2018 via referrer Nexus Advisory…
Some time this morning the Queensland Court of Appeal will deliver its judgment on the appeal against the April 2017 ruling of Queensland Supreme Court Judge David J Jackson, who determined that the liquidators of Linc Energy were not entitled to instruct the company to ignore an environmental protection order (EPO) issued after their appointment as voluntary administrators (VAs) in April 2016. SiN understands that with…
The more SiN learns about how ex-PPB Advisory (PPBA) partner David Leigh allegedly misappropriated $800,000 from the liquidation account of Neolido Holdings, the more difficult it is to believe that he believed it wouldn’t fail. This was no devilish scheme, no fiendish deception, exposed only by the most unlikely twist of fate. As the excerpt from the critical Form 524 below shows, Leigh simply replicated payments being…
The report to creditors of failed construction joint venture CRCG-Rimfire contains some instructive detail in relation to administrations where the major stakeholder is also a state-owned enterprise from communist China. Grant Thornton’s Mike McCann and Said Jahani were appointed voluntary administrators (VAs) late last year and have turned out a hefty 217 page report ahead of this morning’s meeting in Brisbane, where creditors will either vote to…
PwC’s Derrick Vickers and the Committee of Inspection (COI) of the failed construction contractor Ostwald Bros Pty Ltd (OB) are set to clash when the parties convene next week for the hearing of Vicker’s rule 80-55 court application to validate transactions he entered into with various former COI members whilst trading OB in administration and in liquidation. Minutes of an informal COI meeting held yesterday reveal…
Court documents obtained by Sydney Insolvency News reveal that ex-PPB Advisory (PPBA) partner David Leigh paid $100,000 to a secured creditor out of a total $800,000 PPBA alleges he fraudulently misappropriated from the liquidation account of Neolido Holdings. According to an application for freezing orders filed by lawyers for PPBA last week, Leigh was questioned about the missing monies on Tuesday February 22 by PPBA Queensland…