O’Brien Palmer’s Chris Palmer. There are times when one is compelled to ask what motivates a liquidator to pursue an 11th hour payment to a creditor when the sought after sum, once costs are deducted, amounts to sixth fifths of bugger all? For iNO such a time came on Tuesday as we read the judgement of Justice Fabian Gleeson In the matter of Skypac Aviation…
KPMG’s Max Donnelly. KPMG’s Robyn Duggan. A judge has suggested liquidators and former partners of Ferrier Hodgson demonstrated one of the last desirable characteristics in those responsible for administering insolvent entities – they were too trusting. In Combined Property Holdings Pty Ltd v Galea & Ors [2020] QSC 338 Justice James Henry of the Supreme Court of Queensland in Cairns recounts how Robyn Duggan and…
FTI Consulting’s Joanne Dunn. FTI Consulting’s John Park. It might not deliver the impact of a best seller like The Bourne Identity but around FTI Consulting QLD’s Central Plaza HQ at least we reckon The Busby Affidavit is quite the page turner. Contained within this innocuously monikered document lies nothing less than a bid by the Deputy Commissioner of Taxation’s (DCoT) to relieve FTI’s Joanne…
Sydney liquidator Greg Parker has been handed a potential migraine after a judge ordered ASIC to reinstate two companies wound up by Parker and subsequently deregistered in 2016 and 2019. The companies – Worldwide Speciality Property Services Pty Ltd (WSPS) and Serif Pty Ltd (Serif) – between them controlled a suite of patents lodged in the US. Those patents have since expired and the companies’…
KPMG’s Gayle Dickerson. KPMG’s Stephen Vaughan. KPMG’s Gayle Dickerson and Stephen Vaughan must have strained shoulders shrugging off Gino Cassaniti’s no shows after the western Sydney businessman again failed to appear for public examination (PE) in relation to RC Group (Aust) Pty Ltd (RC Group). Cassaniti’s non-attendance meant the scheduled PE by senior counsel Tony McInerny SC had to be abandoned. Unlike the previous week…
Veritas Advisory’s David Iannuzzi. Veritas Advisory principal David Iannuzzi was never going to suffer iNO reporting on his public examination into the affairs of RC Group Aust Pty Ltd (RC Group) without objection it seems but the Federal Court has ruled that this was a stoush the ex-liquidator couldn’t win. On Monday Federal Court Registrar Susan O’Connor advised the parties that she had refused to…
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…
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 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’s Scott Langdon. KordaMentha’s Rahul Goyal. KordaMentha’s 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…