Liquidator David Levi. Seeking to adjourn a winding up order being made against the company to which you’re appointed administrator has consequences. “There are several matters which his Honour will wish to raise with Mr Levi, which in fairness he should be allowed an opportunity to address personally, although his Honour can raise those matters with Mr Levi’s legal representatives or, in an appropriate case,…
FTI Consulting’s Kate Warwick. KPMG’s David Hardy. Thanks to a judge’s preparedness to make suppression orders iNO can’t say as much as we reckon should be said about yesterday’s application by the administrators of failed cosmetics group BWX Pty Limited for an extension of the period in which to convene the second meeting of creditors. The application was the second made by FTI Consulting’s Joe…
WA Insolvency Solutions’ Greg Prout. WA Insolvency Solutions’ Jimmy Trpcevski. The moral of this particular tale is that if you want a judge to approve your application to significantly extend the convening period, don’t starve them of detail. “It must be understood that requests for extensions of the convening period under s 439A are not simply available for the asking.” Supreme Court of West Australia…
Grahame Ward. Image Mackay Goodwin. Domenic Calabretta. Image: Mackay Goodwin. Grahame Ward recently threw down the gauntlet to ASIC’s AI-backed monitoring regime when he lodged no less than three declarations of independence, relevant relationships and indemnities (DIRRIs) for the same company in less than three weeks. The defining characteristic of this effusion of filings was that each DIRRI identified a different referrer in respect of…
Deloitte’s Luci Palaghia. Deloitte’s Tim Heenan. When it comes to making disclosures to demonstrate independence, possessing intimate knowledge about a corporation’s affairs can create problems, as would seem to be the case following further revelations about the collapse of the All Smiles dental chain. Acquiring all that knowledge can’t be achieved without a lot of involvement and for those insolvency practitioners registered to take on…
Cathro & Partners’ Andrew Blundell. RSM’s Richard Stone. Cathro Partners Andrew Blundell and Simon Cathro must have thought that they had a good chance of retaining their appointments as voluntary administrators (VAs) of failed chartered accounting firm Talbots Pty Ltd when proceedings commenced yesterday morning. Those proceedings constituted the hearing of an application brought by the Deputy Commissioner of Taxation (DCoT) for the immediate winding…
PKF partner Simon Thorn. A certain insolvency practitioner may attract some unwanted attention after ignoring forgery claims that a court has now upheld. In the NSW Supreme Court yesterday, Justice Kate Williams dismissed the practitioner’s application for orders validating his appointment as administrator of Premier Energy Resources Pty Ltd (PER), primarily on the basis that to do so her honour said would “give the imprimatur…
Deloitte’s Luci Palaghia. Deloitte’s Tim Heenan. The public examination of the affairs of the Totally Smiles Group which kicked off in the Federal Court this week is set to explore various issues relating to the ASX-listed dental chain’s demise, including the influence of the company’s bank and the independence of its administrators. Deloitte partners Luci Palaghia and Tim Heenan were formally appointed by the Group’s…
Grant Thornton’s John McInerney. Grant Thornton’s Phil Campbell-Wilson. It all started when lawyer Thomas Russell sent an email on July 2, 2019 to then Jirsch Sutherland partner Sule Arnautovic. Russell wanted to set up a time to discuss a potential VA appointment. He told Arnautovic he acted for Florian Heymans, the sole director of two companies operating under the Robust Construction Services Pty Ltd banner….
Vincents’ Nick Combis. Federal Court judge Brigitte Markovic has dashed the hopes of the receivers of foreign currency exchange Navigate Global Payments (NGP) by siding with a contingent creditor on the question of whether the company should be wound up or returned to administration. Her honour’s rulings – to be found in Shiny (Trustee), in the matter of Navigate Global Payments Pty Ltd (Receivers and…