SV Partners’ Jason Porter. It doesn’t matter if you have 25 years in the insolvency game and sit on the national board of ARITA. If a judge thinks you’ve delayed a winding up inappropriately and failed to show why fees claimed were reasonably incurred then you’re going to get clipped. This at least seems to be the message from NSW Supreme Court judge Kate Williams…
PKF’s Brad Tonks. There must have been much gleeful rubbing of hands yesterday after the NSW Supreme Court of Appeal exorcised the FEG demon in respect of whether a priority creditor’s claim to circulating assets ranks ahead of a liquidator’s claim for remuneration. “The central question before the primary judge and on appeal was whether s 561 of the Act applies and, if so, whether…
BDO partner Matthew Blum. BDO partner Luke Andrews. Practitioners accepting gigs as voluntary administrators (VAs) after winding up proceedings have been commenced continue to be cannon fodder for Australia’s largest creditor. Recently we reported on a VA’s challenge to the hearing of an application to wind up of Rio Dorado Limited via an application for an adjournment. The argument was that creditors should have the…
David Levi. If you’re appointed administrator of a company subject to a creditor’s statutory demand and indicate a preparedness to have adjourned the winding up application on foot, it makes sense to turn up with your boxes ticked. Last Friday a court dealt with a practitioner who didn’t. “At the risk of stating the blindingly obvious if I assume I’m gong to win the lottery…
Liquidator David Levi. Seeking to adjourn a winding up order being made against the company to which you’re appointed administrator has consequences. “There are several matters which his Honour will wish to raise with Mr Levi, which in fairness he should be allowed an opportunity to address personally, although his Honour can raise those matters with Mr Levi’s legal representatives or, in an appropriate case,…
Liquidator Tony Cant. Liquidator Craig Bolwell. Hopefully there’s no hard feelings after a judge this week rejected an appeal in respect of a lengthy proof of debt dispute involving two Victorian liquidators. “In any event, there is nothing in the evidence to suggest the defendant’s later adjudication was made capriciously, in bad faith or without proper regard to the relevant facts and law.” Associate Justice…
Cathro & Partners’ Andrew Blundell. RSM’s Richard Stone. Cathro Partners Andrew Blundell and Simon Cathro must have thought that they had a good chance of retaining their appointments as voluntary administrators (VAs) of failed chartered accounting firm Talbots Pty Ltd when proceedings commenced yesterday morning. Those proceedings constituted the hearing of an application brought by the Deputy Commissioner of Taxation (DCoT) for the immediate winding…
Allens partner Phil Blaxill. WLP Restructuring’s Glenn Livingstone. Liquidators receiving letters from a lawyer asking for this or that is no rare thing, but when such a letter specifies information relating to companies to which the liquidator has never been appointed well, that ain’t so common. What is common though is the try on, and the correspondence Glenn Livingstone and Scott Pascoe received on September…
Grant Thornton’s John McInerney. Grant Thornton’s Phil Campbell-Wilson. It all started when lawyer Thomas Russell sent an email on July 2, 2019 to then Jirsch Sutherland partner Sule Arnautovic. Russell wanted to set up a time to discuss a potential VA appointment. He told Arnautovic he acted for Florian Heymans, the sole director of two companies operating under the Robust Construction Services Pty Ltd banner….
SV Partners’ Stuart Otway. With the kid gloves well and truly off in respect of tax arrears, the number of directors seeking small business restructuring (SBR) protection has surged but it seems that when the Australian Tax Office (ATO) is the only creditor, satisfying the requirements doesn’t guarantee a plan will approved. In the Federal Court yesterday, an application for the hearing of a winding…