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Administrators

Administrators, Directors, DIRRIs, Referrers, VA's & DoCA's 13 October 2023

If a DIRRI doesn’t succeed, declare and declare again

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 a company called…

Administrators, Conflict, Corporates, DIRRIs, Independence, Litigation, Public Examinations 11 October 2023

Examinations raise questions about All Smiles DIRRI

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 external administrations that…

Administrators, ATO, Corporates, Creditors, Lawyers, Liquidations, Regulation/Legislation 11 October 2023

Plaintiff’s preference prevails in VAs’ tussle with ATO

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 up of…

Administrators, ASIC, Conduct, Directors, Judgment 6 October 2023

Forgery sees Administrator’s appointment ruled invalid

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 of the…

Administrators, Independence, Public Examinations 4 October 2023

All Smiles PE to explore NAB/Deloitte relationship

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 directors in November…

Administrators, ATO, Conflict, Creditors, Directors, DIRRIs, Judgment, Lawyers, Liquidators, Public Examinations 27 September 2023

Straw director fooled them all, including himself

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. “…….. he had…

Administrators, ATO, Creditors, Deed Administrators, Judgment, Liquidators, Receivers 15 September 2023

VA falls on sword as judge rejects receivers’ deed plea

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 Managers…

Administrators, Creditors, Deed Administrators, Directors, FEG, Litigation, VA's & DoCA's 13 September 2023

Queensland Revenue Office attacks Comlek DoCA

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 and joint…

Administrators, ATO, Corporates, Creditors, Lawyers, Liquidators, Social/Professional 25 August 2023

Hall Chadwick muscles in on Modco

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 appointments, which brings…

Administrators, ATO, Corporates, Creditors, Liquidations, Liquidators, Social/Professional 23 August 2023

Has tax miasma spread to PwC restructuring?

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 Asphalt).A Mills…