When a minion nicks millions from creditors it’s no surprise that the make good is both instantaneous and inclusive of interest. For restructuring behemoth Deloitte, there was surely never any suggestion that the big four firm’s well-heeled partners would resile from repaying every cent allegedly looted from various liquidation accounts that had had some level of interaction with Paul Quill, the now ex-Deloitte Melbourne director…
KPMG’s Peter Gothard. EYs restructuring chief down under – Adam Nikitins. With an asset of the significance of the Basslink undersea electricity transmission cable linking Tasmania and the Australian mainland, it’s not difficult to imagine how a labyrinth of competing interests might have foiled the best efforts of the receivers appointed to the infrastructure group in November 2021 to effect a sale. That the receivers…
EY’s Sam Freeman. EY’s Colby O’Brien. Remember the stick those administrators appointed to Pindan Group last year copped after it was revealed – by iNO – the extent of the relationships the VAs’ firm EY has with Pindan, its immediate owner Oxley Sparkle and ultimate parent, Oxley Holdings Limited? Plenty was how much and plenty of iNO readers thought that their being able to continue…
Oracle Advisory founder Nick Cooper. Worrells partner Paul Burness. There’ll be a gnashing of teeth among Worrells’ equity partners after a court ordered Worrells Services Pty Ltd (Services) – which houses the Worrells network’s liquidation file data – to pay indemnity costs to former Worrells South Australia (SA) partner Nick Cooper. In a recent judgment handed down by Supreme Court of South Australia judge Katrina…
Cor Cordis Melbourne partner Bruno Secatore. Cor Cordis partner Neil Cussen. You have to wonder why successful, experienced practitioners accept appointments as administrators when they know there’s winding up applications afoot, other entities in the group are already in liquidation and according to their DIRRI, no indemnity in the offing. Is it evidence of a healthy appetite for risk? Or the desperation that prevails in…
SM Solvency Accountants’ Jarrod Sierocki. Retired liquidator Brendan Nixon. iNO’s prediction that the retirement of Queensland liquidator Brendan Nixon would make it difficult for businessman Jarrod Sierocki to continue in the insolvency space appears to have come to pass. In recent weeks SM Solvency Accountants and Insolvency Guardian – the two main businesses through which Sierocki dabbled in the business of bankruptcy and wind up…
Duff & Phelps’ Marcus Ayres. Duff & Phelps’ Steve Parbery. As iNO reported last week, Duff & Phelps duo Marcus Ayres and Steve Parbery have had their hands full winding up Queensland coal mine operator ICRA Rolleston Pty Ltd (ICRA). ICRA’s sole director – John Phillip Canavan – suspects the pair of having a conflict with ICRA’ former joint venture partner and his nemesis Rolleston…
Vincents Business Advisory director David Rose. SM Solvency Accountants’ Jarrod Sierocki. As iNO reported last week, our recent investigations indicate that SM Solvency Accountants, having lost key staff in the past few months, was also about to lose Brendan Nixon, the only member of the firm authorised to accept insolvency appointments. Despite multiple requests via mail and voicemail to either confirm or deny neither Nixon…
KordaMentha’s Jen Nettleton. KordaMentha partner Rahul Goyal. How sweet it is when a liquidation actually delivers. When creditors get 100 cents in every dollar owed and there’s fat sufficient to cover every hour billed, no matter how big a percentage of assets total remuneration comprises. And best of all, a court decrees the fees are proportionate. How rare it is too. But not this week…
Moore Recovery’s Desmond Teng. Every week another new insolvency firm seems to emerge as practitioners of an optimistic bent bet on the resumption of a rate of external administrations consistent with Capitalism’s proper and unimpeded functioning. This week iNO chanced upon an example not so much of a new occurrence as of a regeneration, through freshly minted Moore Recovery. As readers will be aware, the…