Fighting to renew. Peter Macks. South Australian liquidator Peter Macks has been through the wringer in recent years, a painful squeeze through fate’s indifferent narrows that was mostly self-propelled. “The obligation to maintain adequate and appropriate insurance in s 25-1 of the IPSC is a present obligation relating to working as a registered liquidator and consequently does not apply to a suspended liquidator not working…
Ex-liquidator Peter Amos before sentencing today. Former liquidator Peter Andrew Amos has been gaoled for a minimum two years, almost 12 months to the day after pleading guilty to six charges of dishonesty and unjust enrichment. Amos, who’s been living at Avoca while on bail, was handcuffed by corrective services officers and led from the court with his partner looking on after being sentenced to…
Cor Cordis partner Tom Birch. Cor Cordis partner Kate Conneely. When a person listed as a director on the ASIC companies database gives their residential address as a chunk of forest you know something’s up. And when that director is found to be a Chinese national who’s never set foot in Australia, well you might, being an insolvency practitioner who spends a bomb annually purchasing…
Cor Cordis partner Kate Conneely. Cor Cordis partner Tom Birch. $500,000 for expenses and disbursements. Not a bad start. Certainly it will give Cor Cordis partners Kate Conneely and Tom Birch room to open their shoulders as they commence investigations into the exceedingly mysterious case of 24-U Pty Ltd. You read that right. $500,000. From ASIC. How? Think ProvLiq. In the Federal Court last Friday…
KPMG partner Will Colwell. KPMG partner John Lindholm. The sting in this tale’s clear. Don’t accept an appointment as receivers, fail to recover much in the way of assets, generate fees and costs that upset your appointor, create a conflict, assert your entitlement to a lien and then expect to be appointed as liquidators when the time comes. “…. the time must shortly arrive where…
Newbie Rachel Burnett of Cor Cordis. ASIC last week announced the members of its Reviewing Liquidator (RevLiq) Panel for the 2024/2025. In 12 months not much has changed. One extra member has been added to the latest panel, which comprised 14 members in 2023/2024. The current panel also boasts an extra panellist from what would be considered one of the larger firms This might be…
HLB Mann Judd partner Greg Quinn. HLB Mann Judd WA principal Kim Wallman. Is the COVID era’s great redundancy beginning to manifest in a rising administrative error rate as practices struggle to rebuild staff competency depleted during the pandemic? In less than a week iNO has come across two examples of mistakes by staff in insolvency practices that have ended up in court, and while…
Deloitte partner Jason Tracey. Deloitte partner Luci Palaghia. A Federal Court judge has killed off any chance three KordaMentha parters had of generating a ton of fees from the administration of a troubled investment fund. Instead the fees will flow into the coffers of Deloitte’s insolvency and restructuring practice after Justice Mark Moshinsky yesterday ordered that Michael Korda, John Mouawad and Scott Langdon be removed…
Vanguard Insolvency Australia principal Mohammad Najjar. Never buy downhill from a servo is one of the many lessons to be gleaned from the recent decision of Associate Judge Joanne Harrison in the matter of Seaforth Securities Pty Limited v Zoya Investments Pty Limited [2024] NSWSC 1061. In granting plaintiff Seaforth Securities‘ (Seaforth) application for more than $9.3 million in damages against Zoya Investments (Zoya) the…
KordaMentha partner David Johnstone. Remagen Capital’s Simon Raftery. The imbroglio that is New Wilkie Energy (NWE) keeps on giving. So far we’ve seen the original administrators from BRI Ferrier replaced then sued by trade suppliers, BDO Corporate commence action to wind up a related entity not in VA and now it appears that the appointing director was potentially a man of straw who agreed to…