Rodgers Reidy WA partner Jack James. Rodgers Reidy WA partner Paula Jones. A group of creditors are hunting three Rodgers Reidy scalps after one of them used their casting vote to get a divisive DoCA over the line at the second meeting of creditors of Wave Projects Pty Ltd. iNO’s mail is that in the event that the deed’s opponents succeed in having the DoCA…
Hogan Sprowles partner Michael Hogan. They may have recommended a dog of DoCA and been punted as a consequence but two Sydney practitioners are lucky they don’t have more wounds to lick. On Monday, NSW Supreme Court judge Ashley Black made costs orders in respect of Minle Wine Negociants of Australia Pty Ltd (Minle) after last week terminating a deed of company arrangement (DoCA) and…
PKF partner Simon Thorn. A NSW Supreme Court decision has visited total defeat upon liquidator Simon Thorn almost two years after a Local Court magistrate delivered him victory. In BounceLED Pty Ltd v Clear Skies Corp Pty Ltd (in liq) (No 2) [2023] NSWSC 810 judge Mark Richmond yesterday ruled that not only should Thorn pay BounceLED Pty Ltd’s (BounceLED) costs on the ordinary basis…
Hogan Sprowles partner Michael Hogan. A decision from the NSW Supreme Court this week shines an unforgiving light on the handling of an administration by two Sydney practitioners who’ve been ousted after a creditor applied to have a deed of company arrangement (DoCA) terminated. “… unusually, in my experience, Mr Hogan indicated in evidence that the Administrators would now not seek to recover remuneration beyond…
Deloitte Partner David Orr. The four Deloitte partners charged with shepherding the Probuild Group Deed of Company Arrangement (DoCA) to effectuation had some unpleasant news for creditors last week. In a circular dated June 1, lead deed administrator David Orr advised that one creditor – Destination Brisbane Consortium (DBC) – had filed an application in the Supreme Court of Queensland on March 31 seeking to…
O’Brien Palmer’s Daniel Frisken. McGrathNicol Partner Kathy Sozou. In the matter of Xpress Transport Solutions Pty Ltd (Receivers and Managers Appointed) (Administrator Appointed), Federal Court judge Elizabeth Cheeseman has provided a handy guide for external administrators on how not to proceed with an application for an extension of the convening period. O’Brien Palmer partner Daniel Frisken also deserves special mention. “The approach taken by the…
McGrathNicol partner Keith Crawford. McGrathNicol partner Matthew Caddy. Proceedings in the Federal Court yesterday aptly demonstrated the dangers insolvency practitioners face when accepting appointments as administrators in the middle of intractable shareholder disputes. At a hearing before Federal Court judge Tim McEvoy in Melbourne, counsel for the administrators of Agrifunder Holdings Pty Ltd appeared seeking approval for Agrifunder to enter into a deed of refinance…
Cor Cordis partner Sam Kaso. Cor Cordis Melbourne partner Bruno Secatore. Cor Cordis duo Sam Kaso and Bruno Secatore will be relieved following a decision of the Federal Court delivered this week in Kaso (administrator), in the matter of Sanitation Maintenance Services Pty Ltd (administrators appointed) [2023] FCA 418. The pair were appointed administrators of Sanitation Maintenance Services and three related companies in July 2022….
Hall Chadwick’s Richard Albarran. Hall Chadwick partner Kathleen Vouris. Accepting appointments as administrators can be fraught if it comes after winding up proceedings have commenced. Get the money up front at all costs must be the mantra, but in the following tale iNO can only speculate as to whether Hall Chadwick pair Richard Albarran and Kathleen Vouris were paid what they were promised before they…
Olvera Advisors’ Damien Hodgkinson. BDO’s Andrew Sallway. Whilst some face the possibility that the ATO might renege on an undertaking and pursue monies it previously deemed vests with a liquidator, others are instead vexed by competing claims from creditors and the appointees they replaced. For Hogan Sprowles co-founder Christian Sprowles, that has meant he’s had to delay distributing some part of an approximately $285,000 cash…