ATO

It’s a liquidator’s prerogative to change their mind

Liquidator Tony Cant. Liquidator Craig Bolwell. Hopefully there’s no hard feelings after a judge this week rejected an appeal in respect of a lengthy proof of debt dispute involving two Victorian liquidators. “In any event, there is nothing in the evidence to suggest the defendant’s later adjudication was made capriciously, in bad faith or without proper regard to the relevant facts and law.” Associate Justice…


Pre-insolvency advisor changes name, winds up

de Jonge Read founder and executive director Henry ‘Hank’ de Jonge. When a prominent pre-insolvency advisor, in the midst of surging levels of external administration, calls in liquidators iNO cannot look away because in all likelihood, there’s bound to be something to see. In this instance it’s Henry “Hank” de Jonge and Ashley Shield, those well known providores of “Pre-Insolvency advice you can trust” from…


Liquidators, receivers in tug of war over $20 million

DV Recovery Management’s Daniel O’Brien. Oracle Insolvency Services’ Nick Cooper. With the fate of $20 million in a solicitor’s trust account uncertain and three sets of insolvency practitioners on the clock, who could fault any for contemplating liens? Certainly not iNO, who was roused from inattention during last Monday’s Corporation Lists in the NSW Supreme Court by barrister Ingrid King telling Justice Ashley Black that…


Plaintiff’s preference prevails in VAs’ tussle with ATO

Cathro & Partners’ Andrew Blundell. RSM’s Richard Stone. Cathro Partners Andrew Blundell and Simon Cathro must have thought that they had a good chance of retaining their appointments as voluntary administrators (VAs) of failed chartered accounting firm Talbots Pty Ltd when proceedings commenced yesterday morning. Those proceedings constituted the hearing of an application brought by the Deputy Commissioner of Taxation (DCoT) for the immediate winding…


Phoenixer cops maximum wrist slap allowable

Philip Damien Whiteman. Photo courtesy ABC News. Opinion The authorities responsible for overseeing the conduct of corporations frequently remind the public of the cost of illegal phoenixing. Billions lost every year. Responsibly run businesses damaged through innocent association with unscrupulous recidivists. The undermining of public confidence in free and fair markets. “In 2016, evidence was obtained by the Australian Taxation Office “during an access without…


Straw director fooled them all, including himself

Grant Thornton’s John McInerney. Grant Thornton’s Phil Campbell-Wilson. It all started when lawyer Thomas Russell sent an email on July 2, 2019 to then Jirsch Sutherland partner Sule Arnautovic. Russell wanted to set up a time to discuss a potential VA appointment. He told Arnautovic he acted for Florian Heymans, the sole director of two companies operating under the Robust Construction Services Pty Ltd banner….


When the ATO’s sole creditor, SBR practitioners beware

SV Partners’ Stuart Otway. With the kid gloves well and truly off in respect of tax arrears, the number of directors seeking small business restructuring (SBR) protection has surged but it seems that when the Australian Tax Office (ATO) is the only creditor, satisfying the requirements doesn’t guarantee a plan will approved. In the Federal Court yesterday, an application for the hearing of a winding…


VA falls on sword as judge rejects receivers’ deed plea

Vincents’ Nick Combis. Federal Court judge Brigitte Markovic has dashed the hopes of the receivers of foreign currency exchange Navigate Global Payments (NGP) by siding with a contingent creditor on the question of whether the company should be wound up or returned to administration. Her honour’s rulings – to be found in Shiny (Trustee), in the matter of Navigate Global Payments Pty Ltd (Receivers and…


Hall Chadwick muscles in on Modco

Hall Chadwick WA partner Cameron Shaw. GTS Advisory director Mathieu Tribut. Much of the blood presently thickening our economic waters comes courtesy of failed building and construction firms, with wounded players going belly up thanks to rising interest rates, spiralling labour and materials costs and the return of the tax office to the fray. Inevitably, this means more referrals to practitioners and more competition for…


Has tax miasma spread to PwC restructuring?

PwC Director Wil Honner. iNO acknowledges it’s a longish bow but posits the question anyway. Is the tax office reducing its exposure to appointees from PwC due to the stink emanating from the global firm’s Australian tax practice? This question occurred to iNO during the hearing in the Federal Court yesterday of an application for the winding up of One Asphalt (NSW) Pty Ltd (One…