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…
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…
Chifley Advisory’s Gavin Moss. Based on the most recent available figures, the Australian Tax Office (ATO) is the major creditor in 80 per cent of Small Business Restructurings (SBRs) and is inclined to support the proposals in a majority of cases. When that acceptance is refused it’s worth understanding why. Exceptions generally prove the rule. In the case of Blue Zebra Digital Pty Limited (BZD)…
The latest judgment to surface from the stew of litigation between the Deputy Commissioner of Taxation (DCoT) and those behind gold refiner Pallion Group reveals that a lone liquidator has been adroitly walking the perception-of-conflict tightrope since 2017. “It was not necessary for the Court to form a view that the liquidator is, or will likely be, in a position of conflict. Rather, it was sufficient that an appearance of conflict exists sufficient…
After considering the recent findings of Circuit Court judge Brana Obradovic, iNO was moved this week to contemplate on traits of character, in particular those essential for anyone working with a difficult bankrupt. “The application was listed for hearing on 2 May 2023. Ms Adorni arrived late to that hearing and gave a narration of her past financial woes and hopes for the future, as…
KordaMentha partner Rahul Goyal. KordaMentha partner Jenny Nettleton. The Deputy Commissioner of Taxation’s (DCoT’s) dogged interest in the moving minds behind Marrickville gold refiner Pallion Group took another turn this week with the Federal Court making orders appointing special purpose liquidators (SPLs) to ACN 607 537 548 Pty Ltd (ABCRA1). The intervention means KordaMentha partners Rahul Goyal and Jennifer Nettleton will now undertake investigatory matters…
Trustee in Bankruptcy Andrew Aravanis. Trustee in Bankruptcy Alexander Clark. The most likely outcome flowing from this week’s court ruling in the bitter fight between the trustees of bankrupt ex-Corr’s partner Phil Kapp and his wife Maryann is likely to be an appeal. “Although the bankruptcy trustees have had some success they have failed on most of their claims. Federal Court Judge Nye Perram. On…
Mackay Goodwin principal Domenic Calabretta. Mackay Goodwin director Edwin Narayan. Two Sydney practitioners who tried to stall a winding up so they could put a DoCA proposal to creditors have lost the application and the gig after a court refused to adjourn the hearing and sided with the petitioning creditor’s preferred nominee as liquidator. The bid for an adjournment in the matter of The Deputy…
Hall Chadwick’s Richard Lawrence. Hall Chadwick’s Richard Albarran. The latest chapter in the fight by Richard Albarran and Richard Lawrence to be paid outstanding remuneration for their time as liquidators of start-up accelerator Tauro Capital (Tauro) could be cut short if Tauro creditors like the latest solution being proposed. Today it’s expected that the current liquidators of Tauro will distribute a report that includes a…
Hall Chadwick’s Richard Albarran. Hall Chadwick’s Richard Lawrence. A contested fee application scheduled for hearing in June is likely to give liquidators and the lawyers who act for them deep insights into how the courts view the always contentious issues of information provision, seniority and duplication of work. “I take issue with these allegations and moreover say that the ATO has no basis to question…