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Deals & Departures

Deals & Departures 15 February 2019

FEG chasing ex-PPB orphan over Reed millions?

Ex-Reed Constructions Australia liquidator Mark “Robbo” Robinson. Image: www.hiredgun.com.au INO’s antennae have of late been swaying to the faint but unmistakable sounds of sensitive negotiations. Sensitive because they involve the FEG Recovery Unit, the current liquidators of Reed Constructions Australia and possibly Reed’s former liquidator Mark “Robbo” Robinson. Also sensitive because we can’t get anyone to divulge much about them, though no one contacted has…

Deals & Departures, Social/Professional 15 February 2019

Ferriers Melbourne behind merger talks?

Ferrier Hodgson Melbourne managing partner James Stewart The mooted merger of Ferrier Hodgson and KPMG has, unsurprisingly, prompted a great deal of speculation. What brought it on? Who’s next? Is Ferriers the last canary among that diminishing flock of independents to find conditions in the coalmine too tough to go it alone? The speculation canvasses motives as myriad as they are misguided. But intermingled with…

Corporates, Deals & Departures, Social/Professional 8 February 2019

Ferrier Hodgson merger with KPMG imminent

Ferrier Hodgson’s Peter Gothard. Australia’s top tier of independent insolvency firms – already a sparsely populated space – looks set to lose another member with well placed sources confirming that Ferrier Hodgson is close to agreeing merger terms with KPMG. One source told INO yesterday that the merger looked certain to proceed and would likely be consummated in the next few months. Another said Ferrier…

Corporates, Deals & Departures, Liquidators, Social/Professional 7 December 2018

HLB Mann Judd miss second chance to bulk up in QLD

Barry Taylor’s plans to lure a Queensland-based registered liquidator into the HLB Man Judd fold have again been foiled after John Shanahan of Gervase Consulting decided not to proceed with a joint venture the two parties have apparently been mulling over for some time. Sources said the parties had been close to a deal but that Shanahan decided the fit wasn’t quite right and he was…

Deals & Departures, Judgment, Liquidators, Social/Professional 14 November 2018

PBB Advisory moves post-PwC acquisition

An application to the Federal Court seeking to surrender insolvency appointments has shed fresh light on the fate of various PPB Advisory staff and partners following its acquisition by PwC. The judgment of Justice Kathleen Farrell in Theobald, in the matter of Bowesco Pty Ltd (in liq) [2018] FCA 1725 details how Simon Theobald and Mark Robinson recently sought orders to effect their resignations as either official liquidators or…

Corporates, Deals & Departures, Social/Professional 31 October 2018

PPB served statutory demand over draw down

The takeover of PPB Advisory (PPBA) by PwC might have been declared complete two months ago but for some at least, hostilities persist. In the most recent outbreak PPBA was served with a statutory demand for unpaid draw down by one of the many former senior staffers still holding equity in what is now in effect an incorporated unit trust in wind down. We understand…

ATO, Deals & Departures, Judgment, Liquidations, Liquidators 5 October 2018

Sheahan and Lock secure compromise on BCI debts

John Sheahan and Ian Locke have obtained the imprimatur of the Federal Court for a deal which will see significant sums paid to the Australian Tax Office (ATO). The deal represents a partial settlement of the long running BCI Finances dispute, but in his judgment of September 28, 2018 Justice Richard White was at pains to remind the South-Australian-based practitioners that if this deal goes sour it’s…

Deals & Departures, Liquidations, Liquidators 10 August 2018

Courtenay House duo extract the lot from Ponzi boss

After advising creditors of Courtenay House Capital in June this year that they would not recommend a settlement offer from Tony Iervasi, it looks like liquidators Said Jahani and John McInerney have extracted something much more favourable. In a July 27, 2018 circular the Grant Thornton duo told creditors that they had signed a deed of settlement with the self-confessed Ponzi scheme operator just a day earlier. “Under the terms…

Corporates, Deals & Departures, INO Opinion, Social/Professional 20 July 2018

PPB partnership payment facility frozen

With the dissolving of the PPB Advisory (PPBA) partnership imminent, rumours are that draw downs on the PPBA partnership’s loan facility are suspended as management sets about repaying the firm’s working capital facilities to PPBA’s bank, ANZ ahead of the August 1 deadline for the completion of PwC’s acquisition approaches. Several sources who spoke to INO confirmed hearing that distributions to partners had been frozen. One…