Rodgers Reidy director Geoff Reidy. Seven years is a long time without a decent drink so liquidator Geoff Reidy will be relieved that a judge has at last granted him leave to imbibe. For the Rodgers Reidy co-founder the court’s approval means he can finally pour himself a pint of fees from the liquidation of Jainti Pty Ltd, a corporate trustee of the Zambito Trust…
Mackay Goodwin principal Domenic Calabretta. Image courtesy Mackay Goodwin. The moral of this story might be that no matter how much you doubt that a person can’t comply with an obligation due to illness, you’re going to struggle to persuade a judge to agree with you. “There was no expert evidence about the state of COVID infections and medical advice in South Australia and New…
Smith Hancock’sPeter Hillig. Smith Hancock’s Mike Smith. Receivers wondering about the best course to take in dealing with a surplus might, depending on their circumstances, take note of the recent experience of Smith Hancock’s Peter Hillig and Mike Smith. The pair were appointed receivers and managers of the J & Lee Property Group Trust by court order in August 2017, some seven months after the…
Oracle Insolvency’s Dominic Cantone. Oracle Insolvency’s Nick Cooper. There will be expressions of wrath, gnashing of teeth and beheading of slaves in the corridors of insurers this week after a judge ruled that two liquidators ordered to personally pay cost orders without recourse should be covered by their professional indemnity policies. “On 22 December 2020, CGU formally declined to indemnify Messrs Cantone and Cooper.” Justice…
Liquidator Gavin Moss. Photo: iNO Images Some external administrations seem genuinely cursed and given the tribulations experienced by Chifley Advisory boss Gavin Moss, the liquidation of Fogo Brazilia Franchise Holdings Pty Ltd (FBFH) would appear to be one of them. “I would nevertheless have been inclined to make a specified gross sum costs order, having regard to the impecuniosity of the plaintiffs, if the defendant…
Mackay Goodwin’s Mitchell Ball. If the challenge outlined on Monday in the NSW Supreme Court proceeds, it may qualify as one of the most ill-advised attacks by a director on a liquidator’s fees mounted in many a year. That at least seemed be the opinion of presiding judge David Hammerschlag after hearing submissions on behalf of Mr Tracey Fellows, one of two directors and shareholders…
KPMG’s Peter Gothard. KPMG partner James Dampney. Hell hath no fury like a director who believes his business has been sold to a rival at undervalue, unless it’s the rage felt by the administrators who conducted the sale when they’re summonsed for examination and served with notices to produce. Before either gives such frustration vent in hell however comes the purgatory of costs and in…
Hall Chadwick’s Richard Albarran. Hall Chadwick’s Richard Lawrence. One thing to be said about Hall Chadwick duo Richard Albarran and Richard Lawrence is that they won’t die wondering. Despite indicators suggesting any attempt to recover their final fees and costs from the controversial Tauro Capital appointment should be categorised as heroic, the pair are pressing ahead. To this end a notice of intention to apply…
RSM partner Frank Lo Pilato. It doesn’t necessarily matter if your counsel has identified a new cause of action by which substantial sums might be recovered. If the trial dates are set, the respondents are prejudiced, the judge has a side hustle and you’re held to a higher standard than the average punter then you’ve got buckleys. That at least is how it turned out…
Hall Chadwick’s Richard Albarran. Equititrust Income Fund receiver David Whyte. When you tell creditors that you won’t seek to recover your fees from a related entity and the receiver of that related entity is present, it’s best not to renege. Even the most well-meaning of practitioners can come to regret backflipping on an undertaking and in the case of Equititrust Limited (in Liquidation) (EL) and…