ASIC

Liquidator case unchanged as directors charged

Worrells partner Jason Bettles. Editor’s Note: On Friday, August 18, 2023 Justice Brigitte Markovic of the Federal Court of Australia dismissed ASIC’s case against liquidator Jason Bettles and ordered the regulator to pay Bettles’ costs. The corporate regulator confirmed this week that its case against Worrells partner Jason Bettles remains unchanged and on foot in the wake of criminal charges being filed in the Brisbane…


Liquidator to examine referrer

Morton + Lee Insolvency’s Gavin Morton. There must always be a little more spice attaching to a public examination for both liquidator and examinee when the latter was the former’s referrer. A little more relish too perhaps. Following receipt of the summons to appear the referrer may well have thought: ‘Well don’t expect any more work from us old bean’, or words to that effect….


Compliance boffins discover unregulated microcosm

ASIC chairman Joe Longo. One should never under-estimate ASIC for making much of little, particularly in regards to the imposition of compliance where experienced professionals were previously free to call the shots without reference to rules conceived by inexperienced bureaucrats. So it was that iNO could not but be amused when browsing ASIC’s latest manifesto of intent to see that among the various new ideas…


ARITA brands ASIC “hypocritical” over IFM

In the wake of the release last month of ASIC’s latest Cost Recovery Implementation Statement (CRIS) it’s clear that ARITA’s opposition to the liquidator levy has not waned in the face of the COVID 19 pandemic, and having burrowed through the CRIS iNO can but conclude that the hostility’s warranted. “Given the high levels of disclosure which are required of registered liquidators when seeking approval…


ASIC didn’t get the memo

O’Brien Palmer’s Daniel Frisken. Hall Chadwick partner Sule Arnautovic. (Image: Hall Chadwick) As iNO readers are well aware, what the official ASIC record shows and what actually is are often not immediately reconciled. Up until Tuesday this week, the ASIC companies database listed property developer and aspiring mining magnate Ibrahim Chambour as a director of ICA Mining, along with one Anthony Ford. But when we…


EY trio updates Pindan DIRRI after ASIC queries

EY’s Sam Freeman. EY Partner Vince Smith. There’s been plenty of comment about the decision by a trio of EY restructuring partners to consent to appointments as voluntary administrators (VAs) of failed Perth-based construction group Pindan. Some or other part of EY has spent plenty of time in Pindan’s plethora of pockets these last few years and Pindan’s parent has also engaged EY to sniff…


Frisken flayed for preferring preferences

O’Brien Palmer’s Daniel Frisken. O’Brien Palmer’s Daniel Frisken might be feeling a little uneasy after NSW Supreme Court judge Kate Williams this week refused his application seeking to claw back $740,000 in preferences paid to the ATO by labour hire company Pacific Steelfixing Pty Ltd (Pacific). This is because In the matter of Pacific Steelfixing Pty Ltd [2021] NSWSC 655 the judge described as not…


Creditors set to force ousted VAs to court for fees

Hall Chadwick’s Richard Lawrence. Hall Chadwick’s Richard Albarran. Hall Chadwick’s pair of Richards look set for a disagreeable time chasing upwards of three quarters of a million in fees after being ousted as voluntary administrators (VAs) of Bluechain Pty Ltd. Messrs Albarran and Lawrence were turfed out by an overwhelming majority of creditors at the reconvened first meeting of Bluechain back on May 18, 20…


Win for Bettles pyrrhic if ASIC prevails

Worrells partner Jason Bettles. Editor’s Note: On Friday, August 18, 2023 Justice Brigitte Markovic of the Federal Court of Australia dismissed ASIC’s case against liquidator Jason Bettles and ordered the regulator to pay Bettles’ costs. Worrells’ Jason Bettles has had another win in his ongoing fight with ASIC, which throws money at poorly articulated misconduct cases knowing the costs of setbacks are recoverable via Industry…


For Bettles or Worse ASIC seeks life ban

Worrells partner Jason Bettles. Editor’s Note: On Friday, August 18, 2023 Justice Brigitte Markovic of the Federal Court of Australia dismissed ASIC’s case against liquidator Jason Bettles and ordered the regulator to pay Bettles’ costs. The corporate regulator has returned to the fray in its ongoing campaign to rub out Jason Bettles, calling for the Worrells partner to be stripped of his liquidator’s ticket and…