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Administrators

Administrators, Conduct, Creditors, Directors, DIRRIs, Lawyers, Litigation, VA's & DoCA's 17 May 2023

Court ponders abuse of process as administrators act

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 with Nomura Special…

Administrators, Fees, Judgment, Regulation/Legislation, VA's & DoCA's 10 May 2023

Federal Court confirms trust assets can pay fees

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.“It may be accepted…

Administrators, Corporates, Creditors, Directors, Liquidators 8 May 2023

11th hour administrators ousted

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 were…

Administrators, Conduct, Costs, Creditors, Liquidations, Liquidators, Litigation 29 March 2023

Owners Corp managers opposing ex-VA’s fees

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 surplus to creditors…

Administrators, ATO, Costs, Creditors, Judgment, Social/Professional, VA's & DoCA's 24 March 2023

Brew Still my beating heart

Shaw Gidley principal Paul Gidley.Rodgers Reidy’s Andrew Barnden.There are few things that should get the pulse racing like consenting to become administrator of a corporation about to be wound up.Knowing there’s a problematic debt, knowing that a hearing’s imminent and knowing not much else about an entity’s affairs must elevate the tension for even the most cocksure practitioner, especially in circumstances where, having been appointed…

Administrators, Costs, Creditors, Directors, Litigation, Litigation Funding 3 March 2023

Ex-administrators encountering potholes

Hall Chadwick partner Blair Pleash.Hall Chadwick’s Richard Albarran. Some of Hall Chadwick’s finest have encountered potholes recently in their regular transit through insolvency’s rougher reaches.iNO’s readers may recall our reports of two separate appointments from which Hall Chadwick partners were separated from the fee teat by court orders, wielded machete-like by judges unconvinced by evidence served up to justify the administrators’ installation.In the case of…