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…
Aston Chace Group partner Ian Niccol.Liquidators who think no downside can apply when you’re “sitting on a gold mine” should have a chat with Ian Niccol.For the Sydney-based liquidator of Rio Dorado Limited it feels no different to being stuck between a rock and a hard place.This is because since late last year when a judge of the NSW Supreme Court terminated the voluntary administration…
BRI Ferrier’s Andrew Cummins.BRI Ferrier’s Peter Krejci.Don’t speak the name New Wilkie Energy (NWE) too loudly in BRI Ferrier’s Sydney and Brisbane offices. Maybe don’t mention Remagen Capital’s Simon Raftery at all. iNO’s mail is that when it comes to that company and that individual the firm’s principals are somewhat dissatisfied.“We note that we have not received any funds under the Deed of Indemnity to…
Two insolvency firm partners recently resigned their appointments as voluntary administrators (VAs) within days of consenting, but the decision wasn’t driven by the engagement of a colleague to produce a solvency report for a separate entity controlled by the VAs’ appointor. At least not immediately.Indeed their DIRRI alluded to their colleague’s engagement and sought to assuage any conflict concerns by disclosing that as their appointor…
Jones Partners Daniel Soire.Jones Partners principal Bruce Gleeson. After reading the Minutes of the reconvened second meeting of creditors of Dalma Form Specialists Pty Ltd (DFS) iNO suspects that a collision between the incumbent voluntary administrators (VAs) and the ATO is inevitable.The second meeting was initially adjourned on February 7 to allow VAs Bruce Gleeson and Daniel Soire of Jones Partners time to undertake more…
Is it a cram down or is it not? That’s the question a judge will have decide if proceedings currently afoot in the NSW Supreme Court are not soon resolved. And if the dispute goes to hearing the outcome could see two incumbent deed administrators (DAs) punted, a DoCA terminated and a mid-tier builder wound up.The matter came to iNO’s attention last week when the…
Simon Cathro is hoping to replace KordaMentha trio on DCA Capital job. There’s nothing like a banquet of calorific assets to pique the appetite of an insolvency profession underwhelmed by the nutrient-deficient work currently dominating appointment lists.And there’s nothing more certain than that any practitioners with such a lavish spread within reach are unlikely to let a rival take the last plate, which brings us…