Deloitte’s Sal Algeri. The dull ache caused by the commencement of DoCA amendment proceedings in the Supreme Court of Queensland is threatening to become a thumping migraine for Deloitte partner David Orr and his fellow Probuild deed administrators (DA). This week Probuild creditors received an update from Orr’s colleague and co-DA Sal Algeri advising that in the wake of their June 1 circular revealing that…
Dye & Co’s Hamish MacKinnon. Dye & Co’s Nicholas Giasoumi. Issuing demands for payment of claims unproven at the time the demands are issued might well be a common practice but Federal Court judge David O’Callaghan has placed it on the endangered list. In his decision in Gadsden v MacKinnon (Liquidator), in the matter of Allibi Pty Ltd (in liq) [2023] FCA 647 Justice O’Callaghan…
Deloitte partner Matthew Donnelly. Barely a week after warning Probuild creditors that legal proceedings will delay payment of any dividend, the four appointees of the DoCAlypse have again ridden forth bearing tidings of woe. “I tentatively suggest a return of not more than 10c in the dollar might be paid before the end of 2025. I emphasise this is a crude estimate only and the…
BDO partner Shaun McKinnon. Thomson Geer partner Scott Guthrie. Getting a straight answer about DoCA funding can be tougher than shelling an uncooked prawn, as lawyer Scott Guthrie can attest. When the Thomson Geer partner appeared at the second meeting of creditors of stalled aquaculture play Project Sea Dragon Pty Ltd (PSDPL) Guthrie had one overriding concern – if the company was returned to the…
Hamilton Murphy’s Stephen Dixon. Who’d be a landlord? That’s the question that came to mind as iNO read about Centuria Property Funds No 2 Limited (CCPF) in its battle with a tenant who didn’t pay which then became a battle with the insolvency practitioner appointed the day after the tenant failed to comply with a court ordered deadline for payment to CCPF of $1,037,289.31c. “Regardless…
Deloitte Partner David Orr. The four Deloitte partners charged with shepherding the Probuild Group Deed of Company Arrangement (DoCA) to effectuation had some unpleasant news for creditors last week. In a circular dated June 1, lead deed administrator David Orr advised that one creditor – Destination Brisbane Consortium (DBC) – had filed an application in the Supreme Court of Queensland on March 31 seeking to…
FEG Active Creditor Recovery Unit Director Henry Carr. As iNO reported recently, Commonwealth FEG recovery Czar Henry Carr doesn’t like losing which is why it’s no surprise to learn that the taxpayer-backed Active Creditor Unit has filed a notice of intention to appeal in respect of the decision In the matter of BCA National Training Group Pty Ltd (in liq) [2023] NSWSC 366. The notice…
PwC’s Simon Theobald PwC’s Robert Ditrich. You might have thought that when Perth-based litigation funder GT Capital Partners imploded last year with its founders exchanging aspersions at 10 paces, whoever was appointed to clean up the mess would have their work cut out for them. Well as it turns out, a DoCA’s been effectuated, new directors have taken over and the Supreme Court of West…
O’Brien Palmer’s Daniel Frisken. McGrathNicol Partner Kathy Sozou. In the matter of Xpress Transport Solutions Pty Ltd (Receivers and Managers Appointed) (Administrator Appointed), Federal Court judge Elizabeth Cheeseman has provided a handy guide for external administrators on how not to proceed with an application for an extension of the convening period. O’Brien Palmer partner Daniel Frisken also deserves special mention. “The approach taken by the…
McGrathNicol partner Keith Crawford. McGrathNicol partner Matthew Caddy. Proceedings in the Federal Court yesterday aptly demonstrated the dangers insolvency practitioners face when accepting appointments as administrators in the middle of intractable shareholder disputes. At a hearing before Federal Court judge Tim McEvoy in Melbourne, counsel for the administrators of Agrifunder Holdings Pty Ltd appeared seeking approval for Agrifunder to enter into a deed of refinance…