ATO

PKF pounces as Hall Chadwick bounces

In: PKF’s Paul Allen. Out: Hall Chadwick’s Richard Lawrence. The torment endured by Hall Chadwick pair Richard Lawrence and Richard Albarran these last 18 months came to an end this week when creditors of Tauro Capital (In Liq) turfed them out to make way for Paul Allen and Jason Stone from PKF. iNO’s agents in Melbourne reported that Tauro creditors, some of whom had been…


Arrest threat for alleged phoenix mastermind

Western Sydney businessman and sometimes insolvency referrer Gino Cassaniti could face arrest after he failed to appear for public examination in the Federal Court yesterday. iNO understands a medical certificate provided by Cassaniti contained no details of the illness preventing him from attending the court to comply with the terms of his examination summons, which required his attendance yesterday and today. If he fails to…


Ex-liquidator summonsed in Project Cargo tax probe

Ex-liquidator David Iannuzzi. Veritas Advisory’s David Iannuzzi may have avoided a grilling last year when he consented to orders banning him from practising as a liquidator for a decade but that won’t prevent him appearing next week in public examinations being conducted by the liquidators of RC Group (Aust) Limited (RC Group) as part of the ATO’s Project Cargo inquiry into alleged tax evasion. Iannuzzi…


KordaMentha duo face inquiry bid over Seafolly

KordaMentha’s Scott Langdon. KordaMentha’s Rahul Goyal. KordaMentha‚Äôs Rahul Goyal and Scott Langdon may be forced to defend elements of their handling of the Seafolly administration and possibly delay paying a first dividend after five Chinese corporate creditors of the COVID-crippled swimwear outfit yesterday applied for an injunction in the NSW Supreme Court. Lawyers representing the Seafolly Five appeared before Justice Ashley Black ex-parte seeking to…


Deed of Assignment a first for Deputy Commissioner

Minter Ellison’s Michael Hughes. Told the court he had been advised the deed of assignment with the Deputy Commissioner of Taxation was a first. Firsts are generally worth a mention and Sydney liquidator Steve Nicols has reportedly chalked up such a milestone by entering into a deed of assignment that transfers a cause of action in the winding up of Anatax Pty Ltd to the…


AFP arrests uncover a most helpful director

The AFP arrests this week in respect of yet another Plutus Payroll-style tax evasion scheme prompted iNO to consider, not for the first time, what aspects if any of these recurring scams are facilitated by complicit insolvency practitioners, a negligent regulator or a combination of both. Looking at the names of those arrested, it wasn’t long before our investigations led us instead to a particular…


Preferences next as Govt mulls more COVID moves

AICM CEO Nick Pilavidis. Sources close to Government deliberations around how to cope with the tsunami of insolvencies anticipated once fiscal support ends have told iNO measures to restrain liquidators from pursuing preferences are under active consideration. “A lot of stakeholders are seeking to have unfair preferences suspended, the AICM for example,” a source said in response to iNO’s enquiries about options the government could…


Court terminates DoCA but resists 439A critique

Balance Insolvency principal Tim Cook. Criticisms of a 439A report produced by Balance Insolvency’s Tim Cook have been revealed in a judgment delivered this morning by Justice Ashley Black in the NSW Supreme Court. Cook’s report was issued on April 9, 2019 following his appointment as voluntary administrator (VA) of Citadel Financial Corporation. Citadel sought Cook’s consent to act after it lost a case in…


ATO-backed liquidators cede case to Family Court

Pitcher Partners’ Andrew Yeo. Pitcher Partners’ Gess Rambaldi. They may not be overly bothered but Pitcher Partners’s Andrew Yeo and Gess Rambaldi have had to relinquish a case involving accused phoenix mastermind Phil Whiteman and his de facto wives. The pair have been pursuing recovery of the proceeds of sale of residential properties located in Balaclava, Elwood and Port Melbourne, Victoria. As the liquidators of…


Liquidator to relinquish casting vote on Tauro offer

Hall Chadwick’s Richard Lawrence. Tauro Capital and Apollo League director Simon Ward. Hall Chadwick Melbourne partner Richard Lawrence will refrain from exercising his casting vote in the event there is a deadlock between creditors prepared to accept Tauro Capital director Simon Ward’s compromise offer and those who want his head. In a report issued to Tauro creditors this week Lawrence said that as a consequence…