O’Brien Palmer’s Daniel Frisken. O’Brien Palmer’s Daniel Frisken won’t be the last insolvency practitioner to rue the increasingly intrusive remit of the corporate regulator but the circumstances around how he and OBP partner Liam Bailey came to stand aside as appointees on Urban Couture thanks to the dreaded double might test make for an instructive tale. Frisken was approached about a possible voluntary administrator’s (VA)…
Many will have seen the 12th ASIC Corporate Insolvency Update land in their email inboxes yesterday but iNO wonders how many clicked on the first case study, which details, without naming names, a curious story about a wedding to illustrate the extent of the precautions ASIC expects liquidators to take when assessing potential threats to their independence. Independence is always a hot topic and this…
Jirsch Sutherland partner Trent Devine. Jirsch Sutherland managing partner Bradd Morelli. The liquidators of FW Projects will be feeling mighty relieved after a judge yesterday threw out an application seeking to replace the Jirsch Sutherland duo on the basis of bias. In dismissing the application of builder Hindmarsh Construction Australia (HCA) NSW Supreme Court Judge Ashley Black found In the matter of FW Projects Pty…
Jirsch Sutherland partner Trent Devine. Image supplied by Jirsch Sutherland. As delegates milled around the hot food counters at the AIIP’s second annual conference in Canberra last Friday, Jirsch Sutherland partner Trent Devine was in Sydney, sitting down to lunch with nothing but an affidavit for company. Now it might be thought that an affidavit makes for a dull lunch bro. But Devine had just…
McGrathNicol Partner Kathy Sozou. Image McGrathNicol. Arguments about who should administer the liquidation of FW Projects Pty Ltd concluded yesterday and it appears that McGrathNicol is front runner to replace Jirsch Sutherland should NSW Supreme Court Justice Ashley Black favour the plaintiff in this costly imbroglio. Last week INO reported that SV Partners’ Ian Purchas had provided the plaintiff, Hindmarsh Construction Australia (HCA), with a consent to…
Ferrier Hodgson’s Martin Jones. Ferrier Hodgson’s Andrew Smith. It’s not often INO uncovers a story about insolvency practitioners that involves unauthorised boar semen from foreign parts but the recent hand over by Ferrier Hodgson of the GD Pork Pty Ltd administration to FTI Consulting provides such an opportunity. Not that the yarn is about unauthorised boar semen illegally imported. It’s about Ferriers’ partners Martin Jones…
Rodgers Reidy director Geoff Reidy. The plaintiff directors of Zamora Homes have dropped their bid to appoint a special purpose liquidator (SPL) to the company and may consider themselves fortunate to have escaped orders that they pay indemnity costs to Geoff Reidy, the incumbent they sought to supplant. At the beginning of a hearing in the NSW Supreme Court yesterday, Justice Ashley Black heard that…
Rodgers Reidy director Geoff Reidy. Geoff Reidy looks set for a tedious time next week when he settles into the witness box for a day of questioning in relation to Zamora Homes. The Rodgers Reidy co-founder was appointed liquidator of Zamora by the courts back in 2011. A hearing in relation to this ageing dispute between shareholders was scheduled for later this month but in…