David Leigh, the former PPB Advisory (PPBA) partner who stunned the profession after it emerged he had allegedly pinched $800,000 to pay debts, is set to stun again. In the Supreme Court of Queensland yesterday, Leigh filed a notice of intention to defend a claim for recovery of the funds, launched on February 28, 2018 by PPBA. From what can be gleaned from the document…
Deloitte’s Canberra office has undergone a modest restructuring of its own following the departure of partner and well known local identity Eddie Senatore. According to his Linked In profile, Senatore set up Eddie Senatore Advisory earlier this month and while the man himself could not be tracked down to discuss the reasons behind his exit, Deloitte confirmed the loss of Senatore hadn’t dented its determination…
PwC’s takeover of PPB Advisory/Litmus is scheduled to be completed by July 1, 2018 according to sources close to the deal who said a non-binding agreement is in place and due diligence underway. SiN understands that the big four accounting firm is keen to get its hands on the Litmus management consulting business and will take PPB’s traditional corporate restructuring and insolvency division with the…
Maybe the 2016 merger with Litmus was just the beginning for PPB Advisory (PPBA) with SiN’s M&A network revealing that the national consulting, restructuring and insolvency practice founded by Max Prentice, Steve Parbery, and Vince Barilla in 1983 is discussing a merger with PwC. The merger talks – confirmed by well-placed sources – were said to be well advanced but neither firm would confirm or deny the reports when contacted late…
Riad Tayeh came within a whisker of a plumb provisional liquidators role yesterday but Steve Parbery and Glenn Livingstone pipped the dVT Group principal at the post. Although late comers, the PPB Advisory pair also vaulted over five others lined up with consents to act as provisional liquidators of NR Wolli Creek, which ANZ placed into receivership in June 2015. The five were EY’s Marcus Ayres and Brett Lord,…
In a sign that last year’s reports about the demise of ANZ’s Asia strategy were potentially premature, the bank has announced it’s lured experienced loans and advisory executive Richard Dawson from the UK to take on a senior role based in Hong Kong. Dawson, former global head of debt advisory at KPMG has been appointed head of Loans & Specialised Finance, International to further strengthen…
The report to creditors of failed construction joint venture CRCG-Rimfire contains some instructive detail in relation to administrations where the major stakeholder is also a state-owned enterprise from communist China. Grant Thornton’s Mike McCann and Said Jahani were appointed voluntary administrators (VAs) late last year and have turned out a hefty 217 page report ahead of this morning’s meeting in Brisbane, where creditors will either vote to…
After 43 years Gwyn Morgan, Westpac Bank’s head of credit restructuring is retiring. A spokesman for Westpac confirmed yesterday that Morgan will hand the helm to his trusted lieutenant Dave Lee in a couple of months. His departure follows an illustrious – albeit anonymous career – leading the restructures of some of Australia most colossal corporate collapses. HIH, Burns Philp and Arrium have become nationally recognised…
This sounds like one for the lit funders’ slide rule – a suspended ASX shell, millions in dissipated shareholder capital, the same law firm allegedly acting for both parties in a merger and a voluntary administrator punted after a judge ruled his appointment was invalid. It was back in August 2016 that a court ruled that Mackay Goodwin’s Domenic Calabretta had been invalidly appointed voluntary administrator of…
The former president of Yemen once described ruling the strife-torn Arab nation as like “dancing on the heads of snakes”. This week Ali Abdullah Saleh was assassinated by his former allies, who before becoming false friends of convenience had been the most reliable of enemies. Saleh’s fate got SiN wondering whether Jamieson Louttit may have developed a few dance steps of his own since last month when…