Corporates

Ownership scrutinised as ex-partners fight over WIP

Insolvency Experts’ principal Steve Kugel. CRS Warner principal Anthony Warner The long running dispute between Sydney liquidators Anthony Warner and Steve Kugel continues to fester with the pair now warring over the details of an accounting of the value of WIP from their partnership, which disintegrated in 2014. In the NSW Supreme Court yesterday Justice Guy Parker – who was observed spending parts of the…


SV Partners franchising Shire operation?

SV Partners’ Darren Vardy. SV Partners hasn’t exactly set about franchising its entire business, at least not yet, but certainly it would seem that the firm’s man in The Shire, Darren Vardy, has become SV’s first franchisee. INO’s mail is that Vardy’s new relationship with SV includes him taking over the lease of that portion of the SV premises at Caringbah in Sydney’s south that…


Jirsch anoints new partners amidst ASIC investigation

Chris Baskerville, one of two new equity partners at Jirsch Sutherland. It might not be a response to the recent travails within Jirsch Sutherland’s NSW practice but the announcement of new partners is probably just the tonic to boost flagging morale. Jirsch’s Sydney HQ has been the subject of intense scrutiny since December last year when partner and registered liquidator Amanda Young was sacked amid…


Rhodes & Beckett liquidators defend appointment

Worrells’ Nick Malanos. Nick Malanos and Adam Farnsworth have been forced to confirm their appointments as liquidators of two companies formed to operate the business of Rhodes & Beckett after the private equity group that bankrolled the ailing retailer out of administration in 2017 claimed those doing the appointing weren’t valid directors. NSW Supreme Court judge Kelly Reeves yesterday ruled that Malanos and Farnsworth, who…


Worrells’ Glavas belted over proofs of debt

Hamilton Murphy’s Stephen Dixon. Worrells’ Ivan Glavas. Worrells Melbourne partner Ivan Glavas has come in for some serious stick from a Victorian Supreme Court judge for adjudicating on proofs of debt in a way that led to a resolution to wind up a company being carried when in the normal course that outcome would’ve been defeated. Notwithstanding that the company was almost certainly insolvent, in…


Deloitte’s AxsessToday pre-appointment DIRRI dance

Deloitte’s Sal Algeri. Deloitte’s Glen Kanevsky. The Deloitte partners appointed voluntary administrators (VAs) of AxsessToday Limited have had to lodge a detailed Declaration of Independence, Relevant Relationships and Indemnities (DIRRI) thanks to their firm’s intimate involvement with the the insolvent entity for more than six closely engaged and lucrative pre-appointment months. AxsessToday, an ASX-listed equipment leasing and finance group controlled by Melbourne’s wealthy Meydan family,…


Ferrier Hodgson merger with KPMG imminent

Ferrier Hodgson’s Peter Gothard. Australia’s top tier of independent insolvency firms – already a sparsely populated space – looks set to lose another member with well placed sources confirming that Ferrier Hodgson is close to agreeing merger terms with KPMG. One source told INO yesterday that the merger looked certain to proceed and would likely be consummated in the next few months. Another said Ferrier…


Jirsch partner sacked over $240k misappropriation

Jirsch Sutherland partner Amanda Young has been sacked after allegedly stealing almost $240,000 from the accounts of insolvent companies she controlled as liquidator. In a statement to Insolvency News Online (INO) late yesterday Jirsch Sutherland managing partner Bradd Morelli said that following undertakings Young provided to the NSW Supreme Court: “Amanda Young’s employment at Jirsch Sutherland has since been summarily terminated.” She had also lodged with…


HLB Mann Judd miss second chance to bulk up in QLD

Barry Taylor’s plans to lure a Queensland-based registered liquidator into the HLB Man Judd fold have again been foiled after John Shanahan of Gervase Consulting decided not to proceed with a joint venture the two parties have apparently been mulling over for some time. Sources said the parties had been close to a deal but that Shanahan decided the fit wasn’t quite right and he was…


First quarter insolvency figures reveal one big winner

The Grow Advisors figures for the first quarter of the 2018/19 financial year have landed on INO’s desk and what’s most obvious is the grip that Worrells has on the market for creditors voluntary liquidations specifically and the formal appointment market in general. The national mid-tier smashed its rivals for the period from July 1 to September 30, raking in 174 CVLs out of a total…