CRS Warner principal Anthony Warner Sydney trustee Anthony Warner must be sitting on an estate flush with funds or is backed by a reliably liquid indemnifier after an appeals court deprived him of a nugget of residential gold and ordered him to pay the appellant’s costs of both the primary and appeal proceedings. iNO’s mail is that combined expenses could exceed $600,000. If Warner locked…
Being stung with an order to pay opponents’ costs can’t ever feel good but when the upside is orders freezing almost $6 million in proceeds from the sale of a property in the gracefully decaying suburb of Woollahra in inner Sydney then maybe it’s a shot of venom any trustee would bare their arm for. “The Bankruptcy Trustee did not on the interlocutory applications seek to establish, by evidence and…
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…
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…
Banton Group CEO Amanda Banton. KPMG’s Martin Jones. If the Federal Government wanted a recent example of why the litigation funding industry should submit to the regulatory cosh as is envisaged in the Government’s Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021 then it might like to look at the latest update for creditors of the Forge Pooled Group (FPG). “The fact that…
Telling an insolvency practitioner their application for additional remuneration is “misconceived” is like telling Bill Shorten his plan for getting the ALP into power would work if only the plan’s primary beneficiary wasn’t himself. Red rags ain’t in it. So when an eminence of the Federal Circuit Court in Tasmania told trustee Brett Harrison that his application for a modest sum of future additional remuneration…
Hall Chadwick partner Blair Pleash. When you’re being funded to pursue litigation, it’s not difficult to double down and appeal after a stinging loss. For Hall Chadwick partner Blair Pleash, trying to cajole a ceasefire from the bowels of defeat has meant being bitten twice in a month after the Federal Court of Appeal last week dismissed his bid to overturn a ruling rejecting his…
Greyhouse Partners’ Ben Verney. Commercial judgment appears to have won out in respect of a dispute over the fees of a former voluntary administrator (VA) who refused to comply with a costs order while his remuneration remained unapproved. The recently resolved stand off involved Greyhouse Partners Ben Verney, who was formerly voluntary administrator (VA) of Icon Construction Australia (NSW) Pty Ltd (ICA NSW), the company’s…
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…
Menzies Advisory’s Michael Caspaney. Cor Cordis partner Rachel Burdett. There are so many elements to the Modscape Pty Ltd saga that it’s difficult to know which strand to yank first but in homage to our abyssal tabloid instincts iNO will commence with the most recent, involving a former liquidator of the company whose fees and costs are under review. That review has been brought by…