Well it’s taken the corporate regulator a moment to catch up – a moment lasting 11 weeks and two days to be precise – but at last the Australian Securities and Investments Commission (ASIC) has confirmed what SiN flagged back on June 2 – Thea Eszenyi, formerly of the now defunct Adelaide office of McGrathNicol – is to be ASIC’s new cop on the liquidator…
It’s taken a while but Said Jahani has begun to rebuild the restructuring ranks at Grant Thornton with news emerging today that he has lured Phil Campbell-Wilson from EY’s plush new digs near the Quay up to GT’s HQ on Kent. In a press release issued today Jahani said Campbell-Wilson would “bring a significant boost to the rapidly growing capabilities of the restructuring practice.” While that…
It’s not often that a liquidator confirms that three liquidators will suffice on a job that for 18 months has required four but FTI Consulting’s John Park did so yesterday in response to a query from SiN about his colleague and fellow general purpose liquidator (GPL) of Queensland Nickel, Stefan Dopking. “Correct. Three GPL’s all that is needed. Cheers John”, Park said by way of a…
An excellent example of the complexities involved in tying up profuse loose ends is usually to be found whenever a liquidator retires, dies, is struck off or, in the case of Adelaide practitioner Rob Naudi, leaves one firm for another. Naudi had been firmly ensconced at PPB Advisory until the top tier decided it couldn’t make a buck in the Hermit State of Comrade Jay and upped stumps….
He might be banned from managing corporations and bankrupt to boot but Nathan Tinkler can still rely on his mate Gerry Harvey to agree to a round of golf, thanks in part perhaps to the efforts of Deloitte restructuring guru Neil Cussen. Cussen revealed yesterday that he and colleague David Mansfield had sold the last property holdings attaching to Tinkler’s former horse breeding and agistment business Patinack…
A trio of entrepreneurs is preparing to shake up the established model of distressed asset sales by launching Resolve, an online platform designed to effect transactions between insolvency practitioners and distressed asset investors on a secure digital exchange. The three Melbournians – Edward Scott, and brothers Simon and Andrew Plummer – see an opportunity to recreate the existing process by which practitioners with assets to sell…
Andrew Wily’s relinquishing of his liquidator’s ticket is generating some interesting fallout, with an application by one of Wily’s replacements leading to the publication of an eyebrow raising allegation about a litigation funder, courtesy of the judge before whom the application was made. In the matter of City Pacific Limited [2017] NSWSC 784 Justice Paul Brereton of the Supreme Court of NSW included in his judgment a tale that…
With Ten Group voluntary administrators (VAs) facing a cash crisis by week’s end, the interests in control of the free-to-air broadcaster’s future are expected to reach agreement imminently on a deal that will see a new loan facility extended to VA Mark Korda and PPB Advisory appointed as “partial” receivers. Sources close to the administration revealed yesterday that Ten would be required to make payments on…
Maybe it says something about Jay Weatherill’s Government in South Australia that even the insolvency operators are struggling. The latest victim of Comrade Jay’s new age Leninism appears to be McGrathNicol, which well placed sources advise will close its doors on Level 26, 91 King William Street in the city of churches before the lease there expires on June 30. Of course blaming the South…
After four years of near Spartan resistance, Stephen Hathway has unexpectedly extracted a settlement from the family behind the failed, cheap-as-chips girls wear outfit, Tightrope group. On Monday, orders were made by consent between Hathway as liquidator of Tightrope Retail and Tightrope Wholesale and Robyn Tripolitis, wife of bankrupt company founder John Tripolitis. Those consent orders came on the eve of the scheduled commencement of a…