WLP Restructuring partner Ben Ho. A Federal Court judge showed Jon Adgemis’ controlling trustees a kindness this week, releasing them from an obligation to deliver a further supplementary report to creditors by this Thursday on the ground that Adgemis could be bankrupt by Friday. And Scott Pascoe and Ben Ho were certainly due a little kindness. Since being appointed on June 20 this year the…
Pitcher Partners’ Andrew Yeo. Pitcher Partners’ Gess Rambaldi. If the Federal Court sequesters the estate of Jon Angelo George Adgemis later this month a tax office favourite will be installed as the debt-gorged high flier’s bankruptcy trustee. After the ATO intervened last week in proceedings brought by Adgemis creditor Richard Gazal – allegedly owed $26 million – a consent to act as trustee was filed…
WLP Restructuring’s Scott Pascoe. There is no shortage of opinions spiralling in the gyre of Jon Adgemis’s proposed debt compromise. Not all creditors are what they seem. Adgemis will cut a deal. The ATO will blink. “It is incumbent on the Trustees to ensure they have adequate remuneration to conduct these detailed investigations and carry out their required duties thoroughly before accepting the role of…
WLP Restructuring’s Scott Pascoe. WLP Restructuring partner Ben Ho. WLP Restructuring’s Scott Pascoe and Ben Ho are expected to adjourn this morning’s meeting of creditors of besieged pub czar Jon Adgemis for at least a month after being issued with a Direction to do so by the Inspector General in Bankruptcy (IGB). “Despite the Inspector-General confirming the need for further investigation and additional information for…
TTJ Advisory’s Thyge Trafford-Jones. Thyge Trafford-Jones has had some success in his capacity as liquidator of Special Gold Pty Ltd but last week the Federal Court dealt him the costs equivalent of a fat lip after he refused a settlement offer from Rami Ayoub, the $22,000 per month restructuring advisor of bankrupt Dyldam founder Sam Fayad. “As I have found that Special Gold has not…
PwC partner Phil Carter. One would expect the recipient of an Order of Australia, a glass ceiling shatterer, a prominent tertiary administrator and professional director no less, to have access to top shelf legal advice. This after all is a person who for decades wielded significant influence as a university vice chancellor, emeritus professor and company director, accumulating along the way the accolades typically bequeathed…
PCI Partners’Philip Newman. Oracle Insolvency Services’ Nick Cooper. Two trustees, each in control of the property of a man and a woman now divorced, disputes between the trustees as to rights to property and one trustee wanted to be appointed liquidator of a company the couple previously jointly controlled. “It is inconceivable how the Plaintiff could, as liquidator of the Company with duties to creditors,…
Jones Partners’ Michael Jones. It must’ve looked straightforward on the face of it. A bankrupt transferring a 40 per cent interest in a block of land to his Dad for $1.00 within five years of declaring himself bankrupt? What trustee wouldn’t have a good hard look? “The question the Trustee asked and sought to answer was whether Matthew’s outgoings exceeded his ingoings; but the fact…
Domenic Calabretta. Image: Mackay Goodwin. If ever Mackay Goodwin founder Domenic Calabretta is asked if there is one employment decision he regrets more than any other, iNO would be surprised if he doesn’t reply: “Paul #$%!! Leroy“. Leroy, as iNO readers will recall, was employed by Mackay Goodwin about five months before fleeing the jurisdiction late in 2023, allegedly with a large sum purloined from…
SV Partners director Malcolm Field. Generally a torpid discharge is associated with a shameful ailment. But not this time. In this instance discharge relates to duties, and torpid to a lack of vigour in their fulfilment. Deploying the ambiguous entendre this week was Federal Court judge Craig Colvin, who’d been asked by a trustee in bankruptcy for orders granting the applicant vacant possession of a…