McGrathNicol partner Damien Pasfield. McGrathNicol executive chairman Jason Preston. It’s difficult to think of the placing of Grays.com into voluntary administration (VA) as anything but a pre-planned step by the online auction house’s new owners to swallow as painlessly as possible Grays’ scarcely digestible debt load. Having concluded the purchase of the business and secured debt from private equity outfit Quadrant for a reportedly “nominal”…
Heading to Olvera Advisors: Rajiv Goyal. Word from iNO’s Clarence Street spies is that Aston Chace and its partner Rajiv Goyal are in the process of parting ways. Certainly the Aston Chace website indicates such. Everyone from the firm’s two founder principals to its assistant managers gets their beaming mug on the “Our People” page. But no Goyal. That didn’t stop co-founder Steve Naidenov telling…
Whilst employment law matters are not iNO’s bread and butter the following tale acknowledges two incontrovertible truths. One is that many lawyers read iNO. The other is that they exhibit a forensic glee in misfortune, when it befalls others of their kind. “There are several things I can do. One is refer the practitioners on your side to the Bar Association and Law Society to…
From PPB Advisory to PwC to Teneo – Stephen Longley. The sale of its restructuring division to global advisory firm Teneo looks like a long denied acknowledgement by PwC that its 2018 purchase of PPB Advisory failed to deliver. With insolvencies are storming back toward pre-COVID averages, PwC Business Restructuring Services (BRS) Unit should have been generating hefty revenues and corpulent bonuses. Instead, the BRS…
PKF partner Glenn Franklin. A plan to quickly offload the assets of ASX-listed Traffic Technologies Limited spat a tyre this morning after a judge hit the brakes on the proposed timetable, declaring that the plan looked like an attempt to screw secureds. “Time and time again we see administrators entering into agreements without regard to due process.” Federal Court judge Stewart Anderson. “The administrators want…
HLB Mann Judd partner Todd Gammel. HLB Mann Judd partner Matthew Levesque-Hocking. The voluntary administrators (VAs) of Strong Room Technology Pty Ltd (SRT) have failed for a second time to obtain a court’s imprimatur for entry into a controversial sale agreement, paving the way for creditors to vote on the company’s future, an outcome the VAs have resisted on the basis that a sale promises…
BDO partner Jeff Marsden. BDO national leader, business restructuring, Duncan Clubb. Novel was the word on Monday when parties warring over the fate of clothing retailer Ally Fashion came before the Corporations List judge of the NSW Supreme Court. Ally was ordered to be wound up on February 28 following an application in the Federal Court brought by a landlord acting on an unsatisfied creditor’s…
Hall Chadwick’s Richard Albarran. Mackay Goodwin director Richard Lawrence. After Richard Lawrence defected to Mackay Goodwin from Hall Chadwick he understandably wanted to secure his entitlements as they applied to the passage of his equity back to the firm’s founding partners Richard Albarran and Drew Townsend, in accordance with the terms of the Hall Chadwick Partnership Deed. While that transfer appears to been smooth, the…
Outgoing ARITA chief executive John Winter. The head of ARITA, the nation’s peak representative body for insolvency and restructuring professionals is moving on after 11 years, advising the association’s board over the weekend of his decision to quit. John Winter was engaged 2014 and at that time he told the ARITA board he’d do five years because he believed that if you haven’t done everything…
Chifley Advisory’s Gavin Moss. dVT Group partner Henry Kwok. Resource shortfalls can produce plenty of pain for small insolvency practice operators, as evidenced by the difficulties encountered recently by Chifley Advisory principal Gavin Moss. “Mr Moss believes Mr Kwok has access to additional resources in his new firm, especially forensic accountants in dVT Group’s forensic division, to assist with the litigation and investigation regarding voidable…