BPS Recovery’s Dave Hurst. BPS Recovery’s Dave Sampson. 04/08/2021: If only validity were in the eye of the appointor. For two Hall Chadwick partners appointed receivers of The Gosford Pty Ltd, a two buck shell with a tenuous grip on a contested asset, the validity of their appointor’s security has not withstood a rival’s challenge, leaving the pair gazumped and shunted to the queue’s rear….
Aston Chace’s Vincent Pirina. Aston Chace co-founder Steve Naidenov. Sometimes it doesn’t matter how well an insolvency practitioner does his or her job. If a creditor wants them out, they’ll find something in an appointee’s conduct to utilise as a basis to attack. Like a settlement that appears generous. In the case of Aston Chace partners Vincent Pirina and Steve Naidenov, the deed administrators of…
iNO Priority Cor Cordis partner Barry Wight. Cor Cordis partner Rachel Burdett. It may be an unspoken maxim that fee approvals coming from creditors are the best approvals but if there is an example of an exception proving a rule superior to that which was recently granted to a pair of Cor Cordis partners iNO would like to hear of it. The occasion for this…
McGrathNicol Partner Kathy Sozou. Image McGrathNicol. Federal Court judge Michael Lee might have refused Westpac’s bid to have a third McGrathNicol partner appointed as a provisional liquidator to three Forum corporate entities on the basis that with charge out rates of $847 per hour two is sufficient, but as we all know, resistance is futile. When creditors of the 25 or so Forum group companies…
Hall Chadwick’s Richard Albarran. Hall Chadwick’s Richard Lawrence. A judge has added a lick of Bitrex to the unpalatable pill Richard Albarran and Richard Lawrence are being forced to stomach after creditors removed them as voluntary administers (VAs) of Bluechain Pty Ltd. Last Thursday Justice Jim Delaney of the Supreme Court of Victoria ordered that the Hall Chadwick pair pay the costs of an application…
Towards the end of the hearing of a liquidator removal application yesterday, the presiding judge mused that whilst he was unlikely to find that GS Andrews Advisory principal Greg Andrews has demonstrated bias as liquidator of Candlebrush Investments Pty Ltd (Candlebrush), he might remove him anyway. The judicial contemplations were uttered by NSW Supreme Court judge Ashley Black after his honour had spent much of…
O’Brien Palmer’s Daniel Frisken. Hall Chadwick partner Sule Arnautovic. (Image: Hall Chadwick) As iNO readers are well aware, what the official ASIC record shows and what actually is are often not immediately reconciled. Up until Tuesday this week, the ASIC companies database listed property developer and aspiring mining magnate Ibrahim Chambour as a director of ICA Mining, along with one Anthony Ford. But when we…
Romanis Cant’s Tony Cant. Romans Cant’s Renee Di Carlo. It’s not often that two liquidators fend off efforts to remove them only to resign shortly thereafter but Romanis Cant’s Tony Cant and Renee Di Carlo can boast of being such a pair. Nine months ago Federal Court judge Neil McKerracher refused an application by Sands Contracting Pty Ltd for orders removing Cant and Di Carlo…
Cor Cordis partner Jeremy Nipps. Cor Cordis partner Barry Wight. Jeremy Nipps and Barry Wight are likely enjoying getting their teeth into an administration of the scale of troubled gold miner Adaman Resources and that includes coping with challenges to the validity of their appointment as well as dealing with assertive creditors seeking intel and assertive directors asserting privilege over that intel. As is detailed…
CJG Advisory’s Mathew Gollant. Hall Chadwick partner Sule Arnautovic. (Image: Hall Chadwick) iNO can but imagine what might be afoot when an entity like the Nissan Motor Company (Australia) (NMA) replaces an incumbent liquidator via an application to court when NMA is the only creditor and therefore would have had no trouble replacing the incumbent at the first meeting. From what can be gleaned from…