Aston Chace principal Steve Naidenov. ASIC has referred Aston Chace co-principal Steve Naidenov to a schedule 2 disciplinary committee following the issuance of a show cause notice. According to a Form 986 posted on ASIC’s website, Naidenov has allegedly contravened a provision of the Corporations Act’s Insolvency Practice Schedule, has failed to carry out his duties as a liquidator and is not a fit and…
McGrathNicol partner Keith Crawford. McGrathNicol partner Matthew Caddy. Proceedings in the Federal Court yesterday aptly demonstrated the dangers insolvency practitioners face when accepting appointments as administrators in the middle of intractable shareholder disputes. At a hearing before Federal Court judge Tim McEvoy in Melbourne, counsel for the administrators of Agrifunder Holdings Pty Ltd appeared seeking approval for Agrifunder to enter into a deed of refinance…
IRT Advisory’s Andrew Poulter. Following publication of lurid details involving sham arrangements, straw directors and shadowy puppet masters, iNO asked the liquidator responsible for uncovering the imbroglio if he’d reported his findings to ASIC. As it turns out, he had. IRT Advisory’s Andrew Poulter lodged a section 533(1) report with ASIC in January 2018 in respect of what smelled like the liquidation of convenience of…
BRI Ferrier partner Peter Krejci. “Transcript! I must have transcript,” the appeals court president might well have thundered. When appellant court judges are delivered a white book unfit for a dog’s breakfast and receive material in their chambers on the morning of the hearing that hasn’t been served on the respondent well, tempest can be reliably forecast. And inevitably in such circumstances, a bench’s collective…
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…
Olvera Advisors’ Damien Hodgkinson. BDO’s Andrew Sallway. Whilst some face the possibility that the ATO might renege on an undertaking and pursue monies it previously deemed vests with a liquidator, others are instead vexed by competing claims from creditors and the appointees they replaced. For Hogan Sprowles co-founder Christian Sprowles, that has meant he’s had to delay distributing some part of an approximately $285,000 cash…
KordaMentha Singapore partner Cameron Duncan. In the wake of a disciplinary committee ruling last month cashiering one of their own, iNO’s mail is that senior members of industry heavyweight KordaMentha are puzzled about the ruling and about ASIC’s decision this week to make the punishment public. The decision, delivered on February 28 and announced in a statement released by the Australian Securities and Investments Commission…
Victorian liquidator Peter Goodin. We hear much about first responders but not so much about non responders. We might however hear a bit more after a Victorian liquidator was ordered to personally pay more than $21,000 in indemnity costs after he repeatedly failed to respond to a creditor’s correspondence. Given that the creditor had wanted the meeting to consider a resolution to replace the incumbent…
Back in 2019 iNO reported on the appointment of a reviewing liquidator to assess the files of a practitioner located in south western Sydney. Naturally enough the findings of such reviews are confidential but the outcomes that flow from them can’t be concealed permanently. Last year ASIC imposed a restraint on the practitioner’s registration such that he couldn’t accept any further insolvency appointments, starting from…
Ex-liquidator David Iannuzzi. It makes sense to know who your friends are, not least because then you’ll then know that those of them closest must be the enemies. But for one Sydney liquidator, not knowing what his colleague was capable of has come back to bite, hard. Last month the Commonwealth of Australia via the Department of Employment and Workplace Relations (DEWR) filed a Statement…