Blackbird borrower wins restraints on receivers, VAs

Why would a prominent insolvency practitioner with an eye for value threaten to sell an operational charter vessel for peanuts?

That’s one of the questions the operators of Kimberley Pearl Tours Pty Ltd (KPT) posed earlier this year when they went to the Federal Court to challenge various aspects of their arrangements with their lender Blackbird Private Equity Pty Ltd, the outfit that sometimes appoints its owner Richard Albarran of Hall Chadwick as a receiver when borrowers default.

And while that question is yet to be answered the court did this week order that none of the insolvency practitioners appointed over KPT or its assets can take steps to realise those assets until the court has delivered judgment in respect of a much more serious question.

Namely, do the actions of Blackbird and receivers Richard Albarran and Brent Kijurina constitute unconscionable conduct?

In Albarran (Liquidator) v Kimberly Pearl Tours Pty Ltd, in the matter of Kimberley Pearl Tours Pty Ltd [2026] FCA 877 Justice Michael Feutrill made no finding in respect of the unconscionable conduct claims and iNO makes no suggestion they are true.

But his honour did find that KPT’s owner operators had established there was a serious question to be tried and failing any break out of agreement at the expedited mediation his honour has ordered, a hearing date will be set as soon as possible afterwards.

Making that determination means KPT’s VAs John Kukulovski and Liam Bellamy of Mackay Goodwin are now restrained from convening the second meeting until the proceedings have been resolved.

Similarly Albarran and Kijurina are restrained from selling KPT’s assets, which include the converted fishing trawler the Kimberley Pearl, and four other vessels.

Approximately six weeks after Blackbird appointed the Hall Chadwick pair as receivers Albarran reportedly said of the Kimberley Pearl “Happy to lose $350k and let the boat go to scrap”.

Not exactly the sentiment expected of receivers, who have a duty to seek market value or better and act in good faith.

The words were attributed to Albarran by finance broker Ian Laird, who was involved in financing KPT and had introduced its director Daniel Brown to Blackbird.

In an email sent on February 24 Laird told Brown he’d had a telephone conversation with Albarran during which the Hall Chadwick senior partner allegedly expressed his preparedness to lose $350k.

Laird urged Brown to try and raise funds sufficient to pay Blackbird out.

But the association between Blackbird and Albarran had already been attracting attention with Canberra law firm Adero Law encouraging Blackbird customers to come forward with a view to the commencement of class actions and in April Albarran and Kijurina abandoned the sale process for the KPT vessels and commenced a proceeding seeking to have their appointments validated by the courts.

Shortly after wards KPT commenced proceedings seeking to have the Blackbird finance arrangement set aside on the basis of statutory unconscionability, the appointments of the receivers and administrators ruled invalid and the administration terminated.

But there’s always mediation.