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…
Hall Chadwick partner Blair Pleash. An “imprudent” decision to refuse a Calderbank Offer has rebounded on Hall Chadwick partner Blair Pleash, who’s been ordered to pay a hefty costs order on an indemnity basis for the period from February 2020 to April 2021. “They further contended that the lack of response to the offer on the part of the plaintiffs was an “imprudent refusal of…
Despite his legal team pitching arguments that were said to have at times lacked clarity, a Sydney liquidator has been spared the ignominy of paying up to $500,000 in indemnity costs for a failed attempt at replacing a receiver. Instead, NSW Supreme Court justice Kate Williams has ordered that the costs of the defendants In the matter of Sirrah Pty Limited (In Liquidation) (No 2)…
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…
Farshad Amirbeaggi. Mackay Goodwin principal Domenic Calabretta. Image courtesy Mackay Goodwin. A liquidator’s estimate of a return to creditors of between 51 cents and 100 cents in the dollar may have been imperilled after attempts to appoint a receiver to sell a luxury property in Bali were rejected by the courts. In failing to have a receiver appointed Hayes Advisory principal and liquidator of Sirrah…
RSM’s Frank Lo Pilato. RSM partner Frank Lo Pilato has had to take a haircut on his fees and expenses on the liquidation of Circular Quay Restaurants Pty Limited after an absence of funders forced him to settle on pauper’s terms with the family of corrupt former Labor politician Eddie Obeid. As was revealed in the NSW Supreme Court on Monday, Pilato agreed to the…
KPMG’s Matthew Woods There’s a line between acceptable levels of risk taking on behalf of creditors and forcing one’s hand in pursuit of fees, and as Federal Court judge Darren Jackson recently explained, material distinctions in respect of indemnities when things go south. Or in this case west, where those material differences came to the fore when KPMG’s Perth-based head honcho of restructuring Matt Woods…
O’Brien Palmer’s Daniel Frisken. Failing to adequately discharge one’s onus has come back to bite a Sydney liquidator who now has an adverse costs order attaching to whatever assets the company he controls might possess. As is explained by NSW Supreme Court judge Kate Williams In the matter of Pacific Steelfixing Pty Ltd (No 2) [2021] NSWSC 1129, whilst O’Brien Palmer partner Daniel Frisken did…
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…
Rodgers Reidy director Geoff Reidy. Geoff Reidy must’ve near drowned earlier this month, engulfed by a wave of satisfaction after winning an order for indemnity costs against a disgruntled director who’d sought to portray the Rodgers Reidy principal in terms not entirely favourable. The smear attempt failed of course, crashing impotently against the seawall of logic personified by NSW Supreme Court chief justice in equity…