ARITA

Industry responds to phoenix reforms

Industry has been quick to respond to the draft reforms Treasury released in August aimed at more effectively combatting illegal phoenix activity and the verdict from the two key bodies is mixed. Both the Australian Restructuring, Insolvency & Turnaround Association (ARITA) and the Australian Institute of Credit Management (AICM) lodged submissions to the draft reforms on September 28, 2018. The thrust of the submissions is that…


KordaMentha partner exonerated by ARITA

It didn’t take long for ARITA to dismiss the complaints made about member and KordaMentha partner Rahul Goyal. As we reported last week in Tiaro Coal Creditors Gunning For Goyal various individuals connected to Tiaro Coal’s major creditor the Hudson Investment Group complained to ARITA about Goyal’s conduct on the administration. They alleged he was in cahoots with a major creditor with which KordaMentha has a referral relationship…


ARITA’s National Conference unlike any other

Advertorial ARITA’s national conference later this month is likely to be a barometer of the prevailing pre-occupations among an insolvency and restructuring profession fighting headwinds in pursuit of opportunity. Technology, law reform, the economy and corporate culture. ARITA has homed in on the issues which represent both challenge and opportunity and assembled some of the best qualified to explore the risks and rewards attaching to…


Tiaro Coal creditors gunning for Goyal

The stream of fees that’s flowed from the Tiaro Coal liquidation these last few years could get could a little bloodied after some of the company’s major creditors opened a new front in their war with liquidator Rahul Goyal. The gregarious Goyal – one of KordaMentha’s top revenue generators – has been at odds with major Tiaro creditor the Hudson Investment Group pretty much from the commencement of his…


Industry acts as Treasury releases phoenix reforms

Federal Treasury yesterday released its Reforms to combat illegal phoenix activity – Draft Legislation and the insolvency industry’s key association produced a summary of the exposure draft’s key points and invited members to provide feedback for inclusion in the Australian Restructuring Insolvency & Turnaround Association’s (ARITA) submission. The reforms – which are a centrepiece of Financial Services Minister Kelly O’Dwyer’s anti-phoenix crusade, will: Create new phoenix offences to target those…


Expelled ARITA member now bankrupt

It’s been an eventful few weeks for far north Queensland liquidator and former ARITA member Justin James Cadman. On June 6 ARITA announced that it had expelled him from the association after ARITA’s Professional Conduct Committee ruled that he’d brought the reputation of ARITA and the profession into disrepute. That was Wednesday last week. Two days later he was bankrupted in the Federal Court, we believe following…


McKenna ousted by court after resisting creditors

A resolution put to a meeting of creditors by an owners corporation seeking the removal of Henry McKenna as liquidator of Iris Diversified Property Pty Ltd has been confirmed by the NSW Supreme Court this week. On Tuesday, June 6, 218 Justice Ashley Black ordered that the soon-to-be ex-Jirsch Sutherland partner be replaced by O’Brien Palmer’s Chris Palmer and Liam Bailey and that the incoming appointees’ costs by…


ARITA expels third member in two months

Whilst INO is loath to encourage a perception that it should change its masthead to “Expulsion Monthly”, it behoves us to report that the Australian Restructuring Insolvency & Turnaround Association (ARITA) has cast out another member, the third such eructation since April. The latest to fall foul of the ARITA Code of Professional Practice is Queensland practitioner Justin James Cadman, who readers may recall was…


Cor Cordis partner expelled from ARITA

The middle of a national rebranding campaign is not when a firm wants one its most senior and prominent practitioners to be unfavourably exposed but following publication of a disciplinary notice by ARITA, Cor Cordis finds itself in such a position. Posted on the ARITA website last Friday, the notice discloses that Ozem Kassem, one of Cor Cordis’s senior partners in NSW, has been expelled from…