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…
Wexted Advisors partner Andrew McCabe. Wexted Advisors founder and principal Joe Hayes. Wexted Advisors’ Andrew McCabe knew he was in a difficult position back in January when he came to chair the second meeting of creditors of the Comlek Group. As the largest single creditor with a claim in excess of $9 million the Queensland Revenue Office (QRO) had already made it clear to McCabe…
Hall Chadwick WA partner Cameron Shaw. GTS Advisory director Mathieu Tribut. Much of the blood presently thickening our economic waters comes courtesy of failed building and construction firms, with wounded players going belly up thanks to rising interest rates, spiralling labour and materials costs and the return of the tax office to the fray. Inevitably, this means more referrals to practitioners and more competition for…
PwC Director Wil Honner. iNO acknowledges it’s a longish bow but posits the question anyway. Is the tax office reducing its exposure to appointees from PwC due to the stink emanating from the global firm’s Australian tax practice? This question occurred to iNO during the hearing in the Federal Court yesterday of an application for the winding up of One Asphalt (NSW) Pty Ltd (One…
KordaMentha partner John Mouawad. A recent judgment of the Supreme Court of Victoria demonstrates the unique challenges faced by administrators of digital trading platforms and how those challenges can contribute to the cost of the administration, especially when crypto currency is the asset traded. “The administration of the Companies is further complicated by the parallel bankruptcy proceedings that are being conducted in the United States….
Lowe Lippmann partner Gideon Rathner If a full bench of the Federal Court of Appeal has ruled that creditors were misled, it’s a fair bet that when the costs of the resultant litigation come to be determined, indemnities will be endangered. In circumstances were that same full bench also found that the architects of the creditors’ nescience were less than forthcoming in submissions to the…
FerrierSilvia’s Brian Silvia. BRI Ferrier’s Andrew Cummins. iNO’s weren’t the only brows hoisted aloft when FerrierSilvia principal Brian Silvia appeared to tell creditors at the first meeting of Toplace Pty Ltd that he could draw on staff from BRI Ferrier NSW if he needed to bulk up for a big job. BRI Ferrier? Wasn’t Silvia’s 2020 departure from the firm he founded in 2008 –…
McGrathNicol’s Rob Brauer. Hall Chadwick’s Richard Albarran. Insolvency practitioners at Hall Chadwick are enmeshed in at least two fee fights at present and the common denominator in both is Sydney practice head Richard Albarran. iNO readers will be familiar with the travails being experienced by Albarran and outgoing Melbourne partner Richard Lawrence in respect of work they did on Tauro Capital (Tauro), an appointment they…
dVT Group partner Antony Resnick. dVT Group partner Suelen McCallum. For those attending online, sound drop outs, screen freezes and a constant hubbub of background blather plagued much of Wednesday’s first meeting of creditors of Toplace Pty Ltd, but joint administrators and meeting co-chairs Suelen McCallum and Antony Resnick can take comfort from the fact that despite the glitches, creditors refused to back their only…
dVT Group co-founder Riad Tayeh It’s never helpful when a government official casts aspersions upon insolvency practitioners two days out from a first meeting of creditors of a controversy-plagued firm whose founder has fled the jurisdiction. That however is the scenario facing dVT Group’s Suelen McCallum and Antony Resnick as they prepare for the first meeting of creditors of controversial construction firm Toplace Pty Ltd…