Cor Cordis partner Tom Birch.Cor Cordis partner Kate Conneely.When a person listed as a director on the ASIC companies database gives their residential address as a chunk of forest you know something’s up.And when that director is found to be a Chinese national who’s never set foot in Australia, well you might, being an insolvency practitioner who spends a bomb annually purchasing information from ASIC,…
Sales Advisory founder Sule Arnautovic. (Image https://www.salea.com.au)A decision by an administrator to use his casting vote to push through a deed of company arrangement (DoCA) at the recently held second meeting of creditors of WMINES Limited has blown up after a secured creditor obtained orders in the Federal Court restraining the administrator from giving the deed effect.“The Chairperson stated it was his belief that the…
FTI Consulting’s John Park.FTI Consulting’s Ben Campbell.An insistence on the need for urgency has been exposed as balderdash by a Federal Court judge who’s lamented how the administrators of the Callide energy generation group could have been so poorly advised by some of the finest lawyers in the land.“The submissions made on behalf of the administrators and CEPL appeared to conflict in several significant respects…
Cor Cordis partner Kate Conneely.Cor Cordis partner Tom Birch.$500,000 for expenses and disbursements. Not a bad start. Certainly it will give Cor Cordis partners Kate Conneely and Tom Birch room to open their shoulders as they commence investigations into the exceedingly mysterious case of 24-U Pty Ltd.You read that right. $500,000. From ASIC. How? Think ProvLiq. In the Federal Court last Friday ASIC applied for…
Hall Chadwick partner Kathleen Vouris. It must surely delight a member of the judiciary when on the first day of a hearing it’s discovered that two affidavits upon which the defence hopes to rely are so beset with irregularity as to render them inadmissible.On Tuesday NSW Supreme Court judge Scott Nixon SC turned up wigged and robed and ready to hear arguments in respect of…
Hall Chadwick partner Kathleen Vouris. Hall Chadwick’s Richard Albarran. We wonder if Richard Albarran and Kathleen Vouris barked urgent orders yesterday morning, demanding staff locate a tradesperson to immediately remove a fence that the two Hall Chadwick partners had only recently caused to be erected?Air Tasker? Hire a Hubby? Just get it done, they might have hollered. And they’d have been be right to.If the…
FTI Consulting’s John Park.FTI Consulting’s Ben Campbell.With binding purchase offers now in and the deadline for making a recommendation to creditors shortly to fall due, the administrators of the four companies that own half of the Callide power station in Queensland have plenty on their plate but as a recent court hearing has shown, when government is involved nothing can be assumed.“CEPL considers it will…
FTI Consulting’s Daniel Woodhouse.Choosing to suspend activities undertaken by a specialist contractor can create risks of the personal liability kind for administrators, as three FTI Consulting operatives discovered shortly after being appointed to Savannah Nickel Mines Pty Ltd (Savannah) in December last year.“The plaintiffs do not dispute that the amounts claimed in respect of suspension costs by the defendant, including the rise and fall component,…
WLP Restructuring’s Alan Walker.WLP Restructuring’s Glenn Livingstone.The interplay between Family and Corporations law brings endless joy, at least to those who benefit when these bulk carriers of frequently conflicting legislation collide.“The effect of the orders of 9 July 2024 of the FCFCOA (Division 2) judge was to permit the wife to stand in the shoes of the board of directors and to appoint administrators to…
PwC partner Adam Colley.If it hadn’t been complex enough when they were first appointed the four administrators attempting to harvest value from PF Group Holdings Pty Ltd (PFGH) and PF Management Holdings Pty Ltd (PFMH) (The Companies) have more recently had to deal with an intervention most disruptive.In the Federal Court this week PwC’s Adam Colley, Andy Scott, Derrick Vickers and Stephen Longley won a…