Grant Thornton’s Mike McCann. Mackay Goodwin’s Domenic Calabretta. Creditors’ distaste for fees is on full display this week with the release of the Minutes of the May 11, 2022 meeting of CRCG Rimfire (CRCG). The meeting was convened upon the application of creditors seeking to oust incumbent CRCG deed administrators Mike McCann and Said Jahani who are believed by certain creditors to have levied excessive…
PKF partner Glenn Franklin. PKF partner Petr Vrsecky. Following their historic win in the Supreme Court of Victoria last month, two PKF Melbourne partners have secured orders in respect of the court’s finding that a business sale agreement constituted a creditor-defeating disposition and an illegal phoenix transaction within the meanings of ss 588FDB and 588FE(6B) of the Corporations Act 2001. As many iNO readers will…
Mackay Goodwin’s Mitchell Ball. You’d think a liquidator who’s scraped together enough moola to declare a surplus might earn some plaudits from the intended recipients. Many if not most liquidations after all generate nothing more than zero for creditors and hours of unremunerated work for appointees, so any kind of recovery is grounds for relief if not celebration. Expressions of gratitude from certain stakeholders in…
Vincents Director Henry McKenna. After listening to a part of the appeal in the mater of Alora Property Group Pty Ltd (APG) v Henry McKenna, iNO can report that Vincents director McKenna is unlikely to be losing any sleep. Based on the reception the appellant’s counsel received from the three appeals court judges in the initial stages of the application yesterday, there would seem in…
dVT Group co-founder Riad Tayeh Retired dVT Group co-founder Anton de Vries The clock is nearing a minute to midnight for dVT Group co-founder Riad Tayeh, with the Federal Circuit Court preparing to hear a creditor’s petition application lodged on May 10 by the liquidators of Timbercorp. If unopposed the 58 year old registered liquidator could be declared bankrupt next month. Such a declaration would…
Hamilton Murphy’s Richard Rohrt. Those who knew about it were no doubt relieved when a court recently refused to pave the way for disgruntled shareholders to pursue liquidators for compensation without a court-ordered inquiry having first found adverse conduct. The decision of the Victorian Supreme Court of Appeal was delivered on May 10 in the matter of Djordjevich v Rohrt [2022] VSCA 84 and of…
Sydney liquidator Greg Parker has suffered another blow in his ongoing stoush with the former directors of Worldwide Specialty Property Services (WSPS) as he defends allegations of negligence and claims for damages. As explained in Lee v Parker (No 2) [2022] FCA 582 Parker last week lost his bid to force the ex-directors to stump up more than $500,000 in security for costs. The Clarence…
PKF’s Petr Vrsecky. PKF partner Glenn Franklin. There was much hyperventilating last week after delivery of judgment in the matter of Intellicomms Pty Ltd (in liq) [2022] VSC 228 which record the first application of new laws aimed at combatting illegal phoenix activity. While it’s early days and the judgment could be overturned on appeal, few of the breathless commentators who explored this inaugural application…
Grant Thornton’s Mike McCann. Mackay Goodwin principal Domenic Calabretta. No doubt the Minutes of the most recent meeting of creditors of CRCG Rimfire Pty Ltd will tell an interesting tale when they become available but iNO has gleaned sufficient intel to report that the incumbent deed administrators are no more. On May 11 creditors resolved to turf the Grant Thornton duo of Michael McCann and…
SV Partners’ David Stimpson. A recent judgment of Queensland Supreme Court judge David Jackson contains a wealth of insight into issues of relevance to insolvency practitioners, most notably those of solvency or insolvency, validity of appointment, remuneration and last but not least, disruptive humbug. Whilst the judgment represents an exceptional reference for practitioners and their legal advisors alike, some thought must be spared for the…