Hall Chadwick’s Richard Albarran. Hall Chadwick partner Kathleen Vouris. Reading the latest report to creditors from the liquidators of Orbis Commodities Pty Ltd, iNO is yet again moved to ponder on the wisdom of forcing appointment takers to provide a life-of-job fee estimate in their initial notice to creditors. When the estimate is between $50,000 and $100,000 and 18 months later the amount being sought…
McGrathNicol’s Anthony Connelly. McGrathNicol’s Jamie Harris. It’s generally agreed among the registered liquidator population that there are too few proceedings commenced against pre-insolvency advisors. The primary reasons are of course practical. It’s costly to prosecute claims of creditor defeating dispositions and if the advisors have done their job the liquidators won’t have any assets they can tap to pay lawyers. Without external funding whatever sharp…
BRI Ferrier’s David Coyne. Former Barokes liquidator James Koutsoukos. A judge of the Supreme Court of Victoria has cracked a can of hurt after approving an application by a creditor to bring proceedings in the name of the company against the company’s liquidators. Whilst ruling that the creditor must agree to indemnify the company in liquidation again any adverse costs, Justice Richard Attiwill found that…
Marcus Watters of Hall Chadwick. Hall Chadwick’s Richard Albarran. You would think that having convinced a court to declare a general security agreement (GSA) invalid and thereby ridding oneself of the receiver appointed pursuant to that GSA, that a director might be as it were, in the clear. Well not necessarily, and not in the case of Jin Resources (Aust) Pty Ltd (Jin) director Richard…
RSM Australia Partners’ National Head of Restructuring and Recovery Greg Dudley. RSM Australia Partners’ Jerome Mohen. Given the directors of GT Capital were sucking $30,000 a month out of the company in the form of advances on future dividends, it’s perhaps no wonder that a pair of provisional liquidators are now installed at the litigation funder ahead of a winding up hearing next week. Add…
SM Services (QLD) director Jarrod Sierocki. Liquidator David Levi. SM Solvency Accountants director Jarrod Sierocki has appointed Sydney insolvency practitioner David Levi as liquidator of related entity SM Services (QLD) Pty Ltd, with Levi’s initial report to creditors disclosing debts of more than $1.3 million. According to ASIC records SM Services (QLD), which is now known as ACN 630 295 091 Pty Ltd, was placed…
LMFMIF receiver David Whyte. Almost a decade after he was appointed to oversee the winding up of the LM First Mortgage Income Fund (LMFMIF), former BDO partner David Whyte has all but brought this salutary tale of greed and leverage to a conclusion after a court approved the entry by Whyte into a settlement with Ernst & Young. The terms of the settlement – the…
Bankrupt IP Sam Henderson. Grant Thornton’s John McInerney. When a company owes the ATO $5 million and would have had an opportunity to pay it but for a settlement that saw it forgo $5 million of $8 million it was owed well, you have to wonder if the professionals engaged to advise on the deal were granted full access to all the facts? The question…
The Jirsch Sutherland partners that snagged the Remi Capital Group (Remi) VA last month might’ve had the inside running courtesy of a prior, related party appointment but that didn’t mean they had no competition. As is revealed in the Minutes of the first meeting of creditors, Remi’s voluntary administrators (VAs) Chris Baskerville and Glenn Crisp had to contend with various challengers, a not unusual occurrence…
Sheridan’s Chartered Accountants principal Jennifer Low. Pitcher Partners’ Bryan Hughes. Torrid times in the West last week as the managing partner of Pitcher Partners WA was grilled in a Supreme Court witness box at the behest of a rival liquidator. The occasion was the public examination of directors and others linked to the 2018 failure of Titan Interactive Pty Ltd, which in recent times has…