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Creditors

Conduct, Creditors, Liquidations, Liquidators, Litigation, Litigation Funding 30 September 2022

Secondary liquidator not protection for lead appointee

Lowe Lippmann partner Gideon Rathner. Lowe Lippmann director Matt Sweeney. Insinuations about why PE Capital Nominees (Nominees) liquidator Matthew Sweeny presented for cross-examination this week have attracted a vigorous rebuttal from the Lowe Lippmann director’s counsel. “There were many propositions put to him by Mr Bick that he seemed reluctant to embrace.” Justice Tim McEvoy. In the Federal Court yesterday Ian Martindale KC for Nominees’…

Creditors, Directors, Social/Professional, VA's & DoCA's 30 September 2022

WA creditors back Pitchers pair to replace PKF duo

PKF partner Glenn Franklin. Pitcher Partners’ Bryan Hughes. The Darwinian contest for appointments, prestige and WIP continues unabated and in the case of ASX-listed Colortv Ltd, PKF Victoria partners Glenn Franklin and Jason Stone may well be rueing the loss of a plum. The pair were appointed administrators of the MySpace spin-off on August 31 after receiving a call from Melbourne-domiciled referrer Tumblugum Investments Pty…

Conduct, Creditors, Liquidations, Liquidators, Litigation, Litigation Funding 28 September 2022

Appointee grilled as PE Capital fallout spreads

Lowe Lippmann director Matt Sweeny. Lowe Lippmann partner Gideon Rathner. There’s certainly been private lenders burnt by the flame out that was Victorian developer PE Capital Funds Management Ltd but more recently some of the insolvency practitioners appointed to wind up parts of the group have also felt the heat. In terms of public grilling none can be said to have been put to the…

Creditors, Directors, Liquidations, Liquidators, Litigation, Receivers 16 September 2022

Insolvency veteran named in bid to oust liquidator

KPMG special advisor Max Donnelly. BRI Ferrier’s Peter Krejci. The imbroglio that is ENA Development Pty Ltd (ENA) in liquidation and receivers appointed continues to entertain with the latest twist involving a veteran practitioner opining about solvency. iNO has already reported on this ongoing brawl between BRI Ferrier NSW partner Peter Krejci and former ENA director and ex-shareholder Robert Sebie over whether various assets belonged…

AFSA, Bankruptcy, Creditors, Judgment, Lawyers, Trustees 9 September 2022

“Surfeit of trustees” less palatable than lampreys

PwC’s Andrew Scott. O’Brien Palmer’s Liam Bailey. One has to wonder if Sydney lawyers Steve Polczynski and Dajana Malnersic have something against registered liquidator and trustee in bankruptcy Liam Bailey? The latter is an experienced practitioner, well founded in the skills necessary to act on either corporate or personal insolvency appointments. ” … on the applicant’s case, there is a surfeit of Trustees in relation…

Creditors, Fees, Lawyers, Liens, Liquidations, Liquidators, Receivers, Receivership 31 August 2022

Liquidator owed $200,000 trapped in stoush over fund

HoganSprowles partner Christian Sprowles. It can be ticklish being both receiver and liquidator of a corporate trustee and Christian Sprowles is one practitioner who knows all about it. The Hogan Sprowles‘ principal was appointed liquidator of CWCN Pty Ltd, the trustee of the CWCN Unit Trust on March 4, 2020. After discovering that although the company was assetless the underlying trust was anything but he…

Creditors, Litigation, Receivers, Social/Professional 24 August 2022

Hall Chadwick pair’s Epic Mining appointment curdles

Hall Chadwick’s Richard Albarran. Hall Chadwick’s Brent Kijurina. Is there a more reliable indictor of a souring relationship than the commencement of legal proceedings against an external administrator by a secured creditor? iNO certainly hopes so but for present purposes we’ll designate the commencement of proceedings as the epitome of acrimony, and in this case the objects of that acrimony appear to be Richard Albarran…

Conflict, Costs, Creditors, Directors, Judgment, Lawyers, Liquidators, Litigation Funding 17 August 2022

FOGO fiasco continues as gross sum costs refused

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…

Creditors, Directors, FEG, Liquidations, PPSR, Receivers 29 July 2022

Receivers receiving please retire letter

SV Partners’ Darren Vardy. Hall Chadwick’s Richard Albarran. Earlier this month the chief judge in equity of the NSW Supreme Court made an order appointing the liquidator of Epic Mining as receiver and then stayed the order’s effect for 14 days. On Monday this week that stay expired and iNO confidently expects that Epic’s incumbent receivers & managers (R&Ms) will shortly receive – if they’re…

Costs, Creditors, Directors, Fees, Liquidators, Litigation 27 July 2022

Director proposes to overturn creditors’ fee approval

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…