Steve Kugel of The Insolvency Experts.Costa Nicodemou of Newpoint Advisory.Worth a try is one way to describe a Sydney liquidator’s efforts to determine whether he was entitled keep money mistakenly paid by the ATO. Another way perhaps is to acknowledge that once the misdirected money arrived in an account the liquidator controlled, it was his duty to confirm whether he was obliged to repay it…
McGrathNicol partner Mark Holland.Three McGrathNicol partners had more justification than most to plead urgency when they came to court on May the 30th seeking to be appointed as receivers.Two days earlier the trio had been appointed liquidators via members voluntary resolutions of five entities within the corporate group backed by prominent Brisbane-based chef and restaurateur Shannon Kellam, an inevitable step after Kellam copped a Director…
Jones Partners principal Bruce Gleeson. Jones Partners Daniel Soire.Was a proof of debt a formal notice of payroll tax assessment, with all the force such a determination issued by a statutory authority carries, or was it a mere estimate, which for the purposes of a DoCA vote could be deemed contingent?This is one of the key questions Federal Court judge Brigitte Markovic will have to…
de Jonge Read director Ashley shield.Henry ‘Hank’ de Jonge.Hank de Jonge and Ashley Shield have found the coin to avert an outcome liable to embarrass any self-respecting pre-insolvency advisor, namely being wound up over unpaid tax debts.In the Federal Court this morning, National Judicial Registrar Peter Schmidt ordered that the Deputy Commissioner of Taxation’s (DCoT) originating process seeking the winding up of DJRA (VIC) Pty…
Cascap Advisory’s Brian Silvia.When you profess expertise in cost control, cashflow management and the sundry other indicia of insolvency, acquired during a career spanning decades, receiving a winding up notice must come as a surprise.When that notice is filed in a court by lawyers acting on behalf of the Australian Taxation Office (ATO), along with affidavits in support and a liquidator’s consent well, surprise might…
O’Brien Palmer partner Liam Bailey.A deed fund of $500,000, a return of 16 cents in the dollar for unrelated unsecureds and the securing of the fund through a mortgage over one of the deed proponent’s properties has proved sufficient for a court to agree to adjourn a winding up application brought by the ATO.The decision, contained in Deputy Commissioner of Taxation v Grand Platinum Pty…
HLB Mann Judd partner Todd Gammel.Remagen Capital’s Simon Raftery.There will no doubt be much anticipatory lip licking in the FEG Recovery and Active Creditor divisions housed in the Department Employment and Workplace Relations (DEWR) now that the Federal Government has decided to unleash their particular expertise on the so far inadequately harvested orchard that is unpaid superannuation.In a statement released as part of budgetary measures…
The following tale, drawn from a recent Federal Court judgment, might be viewed as a handy guide on how to frustrate a bankruptcy trustee into an error, though the determining judge made a point of noting that her decision was not based on misconduct on the trustee’s part, or for that matter on the bankrupt’s undeniable recalcitrance.No indeed. Irreconcilable differences are the culprit, as evidenced…
Jones Partners principal Bruce Gleeson. Jones Partners Daniel Soire.A legal stoush over a deed of company arrangement (DoCA) approved in defiance of the administrators’ recommendation kicked off yesterday with a judge telling the ATO it would need to do more than rely on the plaintiff’s case if it wants to replace the current deed administrators with a liquidator more to its liking.In hearing from the…
Two insolvency firm partners recently resigned their appointments as voluntary administrators (VAs) within days of consenting, but the decision wasn’t driven by the engagement of a colleague to produce a solvency report for a separate entity controlled by the VAs’ appointor. At least not immediately.Indeed their DIRRI alluded to their colleague’s engagement and sought to assuage any conflict concerns by disclosing that as their appointor…