ARITA

Preferences next as Govt mulls more COVID moves

AICM CEO Nick Pilavidis. Sources close to Government deliberations around how to cope with the tsunami of insolvencies anticipated once fiscal support ends have told iNO measures to restrain liquidators from pursuing preferences are under active consideration. “A lot of stakeholders are seeking to have unfair preferences suspended, the AICM for example,” a source said in response to iNO’s enquiries about options the government could…


ARITA subpoenaed as Cor Cordis duo biff with insurer

Cor Cordis NSW partner Ozem Kassem. Image courtesy Cor Cordis. It’s probably not every day the chief professional body for registered liquidators and bankruptcy trustees cops a subpoena but it happened recently in regard to former member and Cor Cordis partner Ozem Kassem. Kassem was expelled from Australian Restructuring Insolvency and Turnaround Association (ARITA) in April 2018 for refusing to engage an independent assessor to…


Freeze Safe Harbour Provisions: ARITA president

ARITA President Scott Atkins. AIIP President Stephen Hathway. ARITA president Scott Atkins wants businesses seeking safe harbour protection to be exempted from compliance with their tax and employee obligations as the COVID-19 pandemic threatens to decimate Australian SMEs. Atkins, who is Head of Risk Advisory at Norton Rose Fullbright, said to prevent mass insolvencies the federal government should freeze laws around insolvent trading and safe…


SPL gunning for dVT duo

Approved and funded to pursue: SPL Giles Woodgate. Sydney liquidator Giles Woodgate has won backing to pursue dVT Consulting duo Suelen McCallum and Riad Tayeh for possible breach of contract or negligence. In the matter of ACN 152 546 453 Pty Ltd (Formerly Hemisphere Technologies Pty Ltd (In Liq)) [2020] NSWSC 270 NSW Supreme court judge Arthur Emmett this week agreed to extend Woodgate’s powers…


Pandemic to test Safe Harbour, profession

McGrathNicol Partner Kathy Sozou. Image McGrathNicol. Ankura senior managing director Quentin Olde. While the extent of the impact on business of the COVID-19 pandemic remains unknown, what is certain is that Australia’s nascent safe harbour regime and the capacities of our insolvency firms are set to be tested like never before.  Restructuring practitioners contacted this week confirmed they were fielding more enquiries from company directors…


Mass request a reminder that Amerind ain’t over

FEG Recovery Unit Director Henry Carr. The Commonwealth is coming and in hindsight the mass of request for information letters sent to registered liquidators (RegLiqs) recently by the FEG Recovery Unit should not surprise. Once FEG’s view on corporate trustees and circulating assets was vindicated by the High Court, as it was last June in: Carter Holt Harvey Woodproducts Australia Pty Ltd v The Commonwealth…


ARITA National Conference 2019

Michael Hodge QCImage: www.hiredgun.com.au The ARITA National Conference concluded yesterday after two days characterised by variety, colour and the balance of the event’s content. Interested in the emergent role of the chief restructuring officer (CRO)? None other than Mohsin “Mo” Meghji was on hand, recounting in an absorbing Q&A his experience as CRO of iconic US department store Sears Holdings and Toys ‘R’ Us. Wanting…


ARITA Conference 2019

Royal Commission assisting counsel Michael Hodges QC. SEERS restructuring chief Mohsin Meghji. Advertorial Issues of import, insiders speaking frankly and in-depth, explorations of emergent trends by experts from inside the tent – this is a sample of what awaits those attending ARITA’s 2019 National Conference, scheduled to take place in Melbourne next month. For the offshore restructuring buffs (and who isn’t?) organisers have a particular…


ARITA torpedoes logo pirates

You have been warned. Displaying ARITA’s logo is a no no. In a strongly worded message to members this week the Australian Restructuring Insolvency & Turnaround Association (ARITA) took aim at firms who had clearly been operating under the misapprehension that being a member of the national body entitled that member or members to use ARITA’s logo as they saw fit. “While we encourage members to…


conference

ARITA 25th anniversary Conference Wrap

From a purely superficial perspective, the most significant takeaway from ARITA’s 25th national conference was the delegate satchel, a cunningly fashioned navy blue holdall which resembled a gym bag but accommodated all the merch fit to pinch from this most sedentary of industry events. From the perspectives of knowledge and of insight, elevating one moment among the many over the two days is not so straightforward….