Justice Michael Lee. When a judge describes lawyers fee estimates as “massively excessive” you have to wonder why such a wrecking ball descriptor is prefaced with the phrase “with respect”? Condemnation of legal fees reeking of avaricious opportunism however is not an issue from which Federal Court judge Michael Lee shies away. “I don’t want there to be wheel spinning correspondence between solicitors.” Justice Michael…
Grocon Group deed administrator Craig Shepard. Hastie Group liquidator Craig Crosbie. There may well have been terse words, a chilling silence, or even diverse and inclusive profanity when KordaMentha’s Craig Shepard learned last week that Hastie Group liquidator Craig Crosbie had wrangled a decisive grant of leave. Shepherd – in his capacity as deed administrator of the Grocon Group – has been resisting efforts by…
Cor Cordis partner Andre Lakomy. A falling out between Sydney lender Graham Werry and notorious Kiwi businessman Mark Bryers has led a judge to mete out more punishment to litigation funders, and for good measure she’s also torn strips off a certain liquidator’s solvency reports. In the matter of Wetherill Park Holdings Pty Ltd (No 2) [2021] NSWSC 1397 NSW Supreme Court judge Kelly Rees…
KPMG partner Stephen Vaughan. KPMG Partner Ian Hall. The interim divvie’s distributed, it’s twin awaits only delivery of a judgment reserved and now an application for remuneration – brought by BBY Limited’s liquidators Stephen Vaughan and Ian Hall in 2017 and adjourned in 2018 – has at last come to pass. “The total value of the assets (CSAs and recoveries) for which the liquidators have…
A potentially prestigious and professionally rewarding bankruptcy appointment could be imminent after the Federal Court published details of freezing orders in respect of claims totalling almost $110 million being pursued by the Deputy Commissioner of Taxation (DCoT) against Queensland property developer James Raptis. Raptis, who is Queensland’s honorary consul for Greece, was one of the state’s biggest property developers until the 2009 global credit crunch…
McGrathNicol partner Jason Ireland. Funding and freezing orders were to the fore yesterday as lawyers for Westpac and alleged fraudsters Bill Papas and Vincenzo Tesoriero returned to the fray before Federal Court judge Michael Lee. “I’d be interested to hear from the liquidator and if the only obstacle is purchasing a ticket then I would’ve thought that the liquidator would want him back but the…
Grant Thornton’s Said Jahani. McGrathNicol partner and forensic accounting guru Robyn McKern. The litigation being pursued by Delta Coal Mining Pty Ltd (Delta) liquidators Said Jahani and John McInerney is set to test the forensic mettle of McGrathNicol partner and referee in demand Robyn McKern. The Grant Thornton pair have commenced proceedings for unfair preferences and for insolvent trading with combined claims totalling $25 million….
McGrathNicol chairman Jason Preston. McGrathNicol partner Jason Ireland. Federal Court judge Michael Lee wasn’t going to let a funding agreement between Westpac and Forum Finance Group’s liquidators pass without comment when the draft deed came before his honour last Friday. The agreement, which will enable liquidators Jason Preston, Jason Ireland and Kathy Sozou of McGrathNicol to pay their remuneration and expenses, contained two elements upon…
There’s one liquidator who must have been overjoyed last week to learn that his defence of an application to review his admittance of a proof of debt, whilst unsuccessful, was reasonable and appropriate. Being reasonable and appropriate is great to have in the bank, even if the validation is soured by orders to pay the costs of the applicant who’s challenge to your admittance of…
Worrells Con Kokkinos. iNO would not presume to speculate on whether it’s poor judgment, an entrepreneurial appetite for risk or sheer desperation that compels registered liquidators to sometimes accept appointments as voluntary administrators (VA) in situations where it would seem, even to your correspondent’s lay understanding, that only a liquidator will do. Such thoughts occurred however as iNO considered the very recent winding up of…