Has any insolvency practitioner ever said: there’s never been a better time to be a gatekeeper of the financial system? If so, they are probably long since retired. In this day and age, regulators are at risk of turning the gatekeepers into turnkeys, if not inmates. For the source of our cynicism, we refer to the contents of a letter, dredged from the toxic silts…
Deregistered Trustee David John Leigh. When one has already sought to have one’s registration as a trustee in bankruptcy suspended, a show cause notice (SCN) from the personal insolvency regulator is unlikely to shock. Such then was the apparent indifference with which admitted fraudster David John Leigh, the former PPB Advisory partner who in 2017 filched $800,000 from a liquidation account for reasons undisclosed, treated…
Correction & Clarification You know you’re in for a rollicking read when a judge begin his reasons thus: “The appellant (Mr Moss) is a solicitor. For reasons that are not presently relevant, he decided to invest in timber and walnuts. The result has not been a happy one.” The Moss on this particularly log is Sydney lawyer Stephen Moss, formerly of Slater & Gordon, and…
In the decision of Jones and Inspector-General in Bankruptcy [2018] AATA 3260 (5 September 2018) the indispensability of rigour is made abundantly clear. Back in September 2016 West Australian-based bankruptcy trustee George Lopez lodged an objection under Section 149B with the Official Receiver to the discharge from bankruptcy of Yozique art aficionados, Sharon and Garrick Jones. The Melsom Robson partner resolved to lodge the objection after deciding that the now…
COMMENT Presenting oneself as a fierce and tireless scrutiniser of insolvency practitioners is all the rage among the relevant regulators at the moment. The view among much of the bureaucracy seems to be that these highly qualified professionals cannot be trusted and only heavy regulatory shackles will prevent them from abusing their position to the detriment of all. It’s nonsense of course but regulation is…
Some of the profession’s most pressing questions will be explored and potential solutions debated at the inaugural Association of Independent Insolvency Practitioners (AIIP) Conference to be held next month in Canberra. Questions around safe harbour; pre-packs; litigation funding, law reform and what the future might have in store will all be canvassed at the Disruption in the Insolvency Industry Conference on June 28 and 29…
Veritas Advisory might find itself in need of a replacement trustee now that the first AFSA disciplinary committee convened under the new Insolvency Practice rules prepares to determine whether incumbent Louise Thomson should incur any penalty. According to the AFSA website, Thomson was referred under Part 2 of Schedule 2 to the Bankruptcy Act (the Act) after the Inspector-General formed the belief that: “Thomson has failed…
The year is done, Christmas is come and for SiN it is time to replenish the reservoir of curiosity ahead of what promises to be a fascinating 2018. From next year the Insolvency Law Reform Act (ILRA) will be in full swing. Insolvency practitioners will face a world where creditors will have expanded powers. Appointees will need to get used to being replaced. Courts too…
While Bartercard co-founder and millionaire Brian Hall has seemingly extracted himself from a stoush with Bendigo Adelaide Bank, that has only intensified the pressure on Vincent’s Nick Combis and his former colleague Peter Dinoris, who now runs his own outfit, Artemis Insolvency out of offices in Edward Street, Brisbane. The pair were the trustees of a $350,000 personal insolvency agreement (PIA) Hall had entered into in…