Worrells partner Jason Bettles. Editor’s Note: On Friday, August 18, 2023 Justice Brigitte Markovic of the Federal Court of Australia dismissed ASIC’s case against liquidator Jason Bettles and ordered the regulator to pay Bettles’ costs. While ASIC landed no killer blow yesterday Worrells partner Jason Bettles could not be said to have exited the Federal Court witness box unburdened by any remaining questions in respect…
Hamilton Murphy’s Richard Rohrt. Those who knew about it were no doubt relieved when a court recently refused to pave the way for disgruntled shareholders to pursue liquidators for compensation without a court-ordered inquiry having first found adverse conduct. The decision of the Victorian Supreme Court of Appeal was delivered on May 10 in the matter of Djordjevich v Rohrt [2022] VSCA 84 and of…
Sydney liquidator Greg Parker has suffered another blow in his ongoing stoush with the former directors of Worldwide Specialty Property Services (WSPS) as he defends allegations of negligence and claims for damages. As explained in Lee v Parker (No 2) [2022] FCA 582 Parker last week lost his bid to force the ex-directors to stump up more than $500,000 in security for costs. The Clarence…
PKF’s Petr Vrsecky. PKF partner Glenn Franklin. There was much hyperventilating last week after delivery of judgment in the matter of Intellicomms Pty Ltd (in liq) [2022] VSC 228 which record the first application of new laws aimed at combatting illegal phoenix activity. While it’s early days and the judgment could be overturned on appeal, few of the breathless commentators who explored this inaugural application…
Liquidator Gavin Moss. Photo: iNO Images A recent decision out of the NSW Supreme Court shows how liquidators using the same lawyer who acts for creditors or the liquidator’s funder can quell conflict concerns. In this case Chifley Advisory principal Gavin Moss had to defend himself from allegations of multiple conflict-related breaches of duty by Ian Dresner, the director of churrasco operator Fogo Brazilia Holdings…
Oracle Advisory founder Nick Cooper. Worrells partner Paul Burness. There’ll be a gnashing of teeth among Worrells’ equity partners after a court ordered Worrells Services Pty Ltd (Services) – which houses the Worrells network’s liquidation file data – to pay indemnity costs to former Worrells South Australia (SA) partner Nick Cooper. In a recent judgment handed down by Supreme Court of South Australia judge Katrina…
Opinion Wisest choice. Deloitte CEO Adam Powick. Wisdom surely has prevailed. On Tuesday evening Deloitte and Paul Ryan Quill reached an agreement which will see the now ex-restructuring division director hand over his assets to satisfy claims totalling more than $3 million which Deloitte had alleged he pilfered from the big four accounting firm via a sham expenses scam. We say had alleged because the…
Aluminium underpants purchased with funds allegedly defrauded from Deloitte by ex-Restructuring Division director Paul Quill. One of the certainties to flow from the reporting to police of allegations of criminal conduct by former Deloitte director Paul Quill is that the big four firm’s forensic division now has a whole lot more work in front of it. Quill, who allegedly rorted more than $3 million in…
Jones Partners’ Michael Jones. A prominent Sydney trustee is defending an application for a conduct inquiry brought by a bankrupt who claims the trustee concealed from creditors his knowledge of more than $500,000 in a Westpac Bank account. The application – brought in the Federal Court by ex-Payless Entertainment CEO Mark Andrew Hurdis of Neutral Bay – alleges deceit and misconduct by the trustee in…
KPMG partner James Dampney. KPMG’s Peter Gothard. Electing to flog a chilled foods business to its main competitor has come back to bite current and ex-KPMG partners after they failed this week to have examinations summonses issued by the former owner of the business dismissed. On Wednesday in the NSW Supreme Court Judge Kate Williams ruled that Peter Gothard, James Dampney and former KPMG senior…