Many will have seen the 12th ASIC Corporate Insolvency Update land in their email inboxes yesterday but iNO wonders how many clicked on the first case study, which details, without naming names, a curious story about a wedding to illustrate the extent of the precautions ASIC expects liquidators to take when assessing potential threats to their independence. Independence is always a hot topic and this…
Chan & Naylor’s John Kukulovski. When we divulged last week that Jirsch Sutherland partner Liam Bellamy had defected to rival Chan & Naylor, iNO speculated that Chan & Naylor may have wanted another qualified practitioner to join its one and only Registered Liquidator, Trajan John Kukulovski. iNO thought the poaching raid might’ve been a sign Chan & Naylor was intent on being able accept joint…
Liquidator Peter Macks. The corporate regulator and liquidator Peter Macks continue to skirmish ahead of a long delayed judicial inquiry into Macks’ conduct on liquidations commenced more than a decade ago. In the latest confrontation, a South Australian Supreme Court judge has refused ASIC’s bid to expand the scope of the proposed inquiry whilst simultaneously denying Macks’ application for a permanent stay. The detail is…
BPS Recovery’s Mitchell Ball. Liquidator Mitchell Ball has some tense weeks ahead following his referral to a schedule 2 disciplinary Committee by ASIC. According to a Form 986 attached to his entry on ASIC’s Professional Registers list, the BPS Recovery partner was issued with the referral in March this year. The Form 986 refers to alleged misconduct outlined in a show cause notice under three…
Liquidator John Sheahan. Federal Court Judge Tony Besanko has detonated the judicial equivalent of small nuclear device in the vicinity of Ian Lock and John Sheahan, ruling the pair must repay 30 per cent of almost $5.8 million in fees that they’ve been paid as administrators and liquidators of the Cedenco JV Australia Group. In determining the quantum of the reduction – first flagged in…
Ferrier Hodgson’s Martin Jones. Ferrier Hodgson’s Andrew Smith. It’s not often INO uncovers a story about insolvency practitioners that involves unauthorised boar semen from foreign parts but the recent hand over by Ferrier Hodgson of the GD Pork Pty Ltd administration to FTI Consulting provides such an opportunity. Not that the yarn is about unauthorised boar semen illegally imported. It’s about Ferriers’ partners Martin Jones…
ASIC’s Thea Eszenyi. You wouldn’t know it based on the Australian Financial Review’s (AFR) headline this morning but Deloitte and ASIC are in fact still speaking to each other and registered liquidators should be worried. The Fin’s Professional Services editor Edmund Tadros reported that Deloitte had laid into ASIC after the regulator apparently determined Deloitte’s 32 per cent audit quality problem rate ranked well above…
Liquidator Paul Jorgensen. PKF Adelaide partner Paul Jorgensen has reportedly attended to a range of deficiencies in his handling of the liquidation of South Australian builder Unique Urban Built after the issues were helpfully brought to ASIC’s attention by turnaround advisor Eddie Griffiths. Local media outlet InDaily reported this week that in a May 22 report to creditors, Jorgensen admitted that creditors had not been…
Artemis Insolvency’s Peter Dinoris. Queensland liquidator and trustee in bankruptcy Peter Dinoris could be preparing to exit the formal end of the insolvency game after the IP transferred dozens of files to a rival. The Supreme Court of Queensland this week made orders transferring 44 of Dinoris’s court liquidations (CLs) and creditors voluntary liquidations (CVLs) to Jonathan McLeod and Bill Karageozis of McLeod Partners. INO…
PKF Chairman of Partners Paul Jorgensen. PKF chairman of partners Paul Jorgensen has reportedly been the subject of a complaint to ASIC over alleged inadequacies in his handling of the liquidation of South Australian residential builder Unique Urban Built Pty Ltd. Adelaide’s In Daily yesterday reported that Jorgensen was facing a “creditors’ revolt” and that the complaint to ASIC identified “ten separate alleged failures to…