Deloitte partner Richard Hughes. Deloitte partner Grant Sparks. Following their appointment in January as Special Purpose Administrators (SPAs) of IG Power Called Pty Ltd (IGPC) FTI Consulting’s John Park and Ben Campbell moved swiftly to ensure their general purpose equivalents didn’t impose burdensome obligations that might impede their work and yesterday that speed off the mark was rewarded. In Sev.en Gamma a.s v IG Power…
Pitcher Partners’ Lindsay Bainbridge. Pitcher Partners’ Andrew Yeo. When the CFMEU argues that delaying liquidation advantages uptown toffs at the expense of workers, cooperation is the way to go. Certainly a collaborative approach was on show last month when Pitcher Partners Andrew Yeo and Lindsay Bainbridge headed to the Supreme Court of Victoria seeking an extension of the convening periods for the second meetings of…
Jones Partners principal Bruce Gleeson. Helm Advisory managing director Stephen Hathway. Rival insolvency practitioners could shortly be facing off control of a corporate group that’s allegedly defrauded the Australian Tax Office (ATO) of $150 million. Before any showdown with lawyers occurs however, the rivals have time to negotiate a less adversarial outcome thanks to the decision of the administrators of Dalma Form Specialist Pty Ltd…
Aston Chace Group partner Ian Niccol. Levi Consulting’s David Levi. Using your casting vote to overcome opposition to the payment of your predecessor’s fees ought to earn a liquidator something, right? In the case of Ian Niccol, that something might be a placatory word from his predecessor in the ear of a certain director who’s given Niccol hell ever since he was appointed liquidator of…
This may be the cautionary tale to top them all. Levi Consulting’s David Levi. A registered liquidator, making submissions in respect of costs, has – unwittingly we presume – required a judge of the NSW Supreme Court to consider making adverse findings against him. The mother of all own goals, scored on the eve of the new year, though we won’t know till after 4:00pm…
Aston Chace’s Ian Niccol. Hall Chadwick’s Richard Albarran. When directors don’t get their preferred external administrator, the unwanted incumbent can anticipate consequences. When that company has a toe on a supposedly rich gold deposit then the unwanted appointee can expect those consequences to manifest swiftly, as Sydney insolvency practitioner Ian Niccol recently discovered. The Aston Chase principal was installed by the courts as liquidator of…
DV Recovery Management’s Daniel O’Brien. A shareholder dispute has spilled into the NSW Supreme Court with one of the warring factions seeking to oust voluntary administrators (VAs) of their company on the basis that a supposedly suspect Notice of Meeting meant the resolution passed to appoint VAs was invalid. In the court on Monday counsel for estate agent and creditor William Tianguang Bai of Bai…
Mackay Goodwin’s director of insolvency operations Mitchell Ball. Domenic Calabretta. Amended originating processes, further amended originating processes, deeds of company arrangements and variants thereof – in the end perhaps it was all too much? “The orders in large part seek to bootstrap the obligations in the Amended DOCA by embodying those obligations in Court orders or otherwise to make specific orders in respect of matters…
BDO partner Matthew Blum. BDO partner Luke Andrews. Practitioners accepting gigs as voluntary administrators (VAs) after winding up proceedings have been commenced continue to be cannon fodder for Australia’s largest creditor. Recently we reported on a VA’s challenge to the hearing of an application to wind up of Rio Dorado Limited via an application for an adjournment. The argument was that creditors should have the…
David Levi. If you’re appointed administrator of a company subject to a creditor’s statutory demand and indicate a preparedness to have adjourned the winding up application on foot, it makes sense to turn up with your boxes ticked. Last Friday a court dealt with a practitioner who didn’t. “At the risk of stating the blindingly obvious if I assume I’m gong to win the lottery…