Deloitte partner Jason Tracey.Deloitte partner Luci Palaghia.A Federal Court judge has killed off any chance three KordaMentha parters had of generating a ton of fees from the administration of a troubled investment fund.Instead the fees will flow into the coffers of Deloitte’s insolvency and restructuring practice after Justice Mark Moshinsky yesterday ordered that Michael Korda, John Mouawad and Scott Langdon be removed and Jason Tracy…
Steve Kugel of The Insolvency Experts.Costa Nicodemou of Newpoint Advisory.Worth a try is one way to describe a Sydney liquidator’s efforts to determine whether he was entitled keep money mistakenly paid by the ATO. Another way perhaps is to acknowledge that once the misdirected money arrived in an account the liquidator controlled, it was his duty to confirm whether he was obliged to repay it…
KordaMentha partner David Johnstone.Remagen Capital’s Simon Raftery.The imbroglio that is New Wilkie Energy (NWE) keeps on giving.So far we’ve seen the original administrators from BRI Ferrier replaced then sued by trade suppliers, BDO Corporate commence action to wind up a related entity not in VA and now it appears that the appointing director was potentially a man of straw who agreed to be installed as…
McGrathNicol’s Anthony Connelly.McGrathNicol’s Jamie Harris.You know you’re on a winner when the self-described “restructuring specialist” you’ve fingered as a phoenix scheme architect offers to give back the dough.You also know – because you’re an experienced insolvency practitioner who’s been around the block – that nothing is ever simple, and as is shown in the case of TSK QLD Pty Ltd (TSK), such offers are invariably…
Domenic Martino: photo courtesy Townsville Bulletin.Cop a creditors statutory demand, make sure you apply to have it set aside within the 21 day period specified by the Act. That is the stark reality for demand recipients with a NSW Supreme Court judge yesterday finding that applying to set aside a demand beyond the deadline was not something the court had jurisdiction to indulge, at least…
McGrathNicol partner Mark Holland.Three McGrathNicol partners had more justification than most to plead urgency when they came to court on May the 30th seeking to be appointed as receivers.Two days earlier the trio had been appointed liquidators via members voluntary resolutions of five entities within the corporate group backed by prominent Brisbane-based chef and restaurateur Shannon Kellam, an inevitable step after Kellam copped a Director…
Deloitte partner Grant Sparks.It might be about time Deloitte’s Grant Sparks and Richard Hughes took heed of the old warning about digging holes you can’t climb out of.“On any view, the difficulties with the administrations of the IG Power companies arise as a result of the general purpose administrators’ initial failure to perform their statutory duties over a period of some ten months.”Justice Roger Derrington….
Hall Chadwick partner Kathleen Vouris. Having surrendered the aircraft and attracted no offers it seems all that was left for the administrators of failed budget carrier Bonza Aviation to do was sack the staff, which they’ve done, via zoom.Having previously disclosed to creditors that their fees were at times reaching $1,000 per hour – which is not that significant a figure when you consider that…
O’Brien Palmer partner Liam Bailey.A deed fund of $500,000, a return of 16 cents in the dollar for unrelated unsecureds and the securing of the fund through a mortgage over one of the deed proponent’s properties has proved sufficient for a court to agree to adjourn a winding up application brought by the ATO.The decision, contained in Deputy Commissioner of Taxation v Grand Platinum Pty…
HLB Mann Judd partner Todd Gammel.Remagen Capital’s Simon Raftery.There will no doubt be much anticipatory lip licking in the FEG Recovery and Active Creditor divisions housed in the Department Employment and Workplace Relations (DEWR) now that the Federal Government has decided to unleash their particular expertise on the so far inadequately harvested orchard that is unpaid superannuation.In a statement released as part of budgetary measures…