Directors

Receiver denied bid to use “other people’s money”

Receiver David Whyte. FTI Consulting’s John Park. Who would’ve thought insolvency might be seen to resemble Socialism, at least as it was characterised by the late Baroness Thatcher when alluding to collectivism’s fatal fiscal flaw? Not iNO that’s for sure. But In LM Investment Management Ltd (receiver apptd) (in liq) v Drake & Ors [2020] QSC 265 (28 August 2020) Justice Peter Callaghan of the…


Grant Thornton duo prepare to tread perilous path

Grant Thornton’s Matt Byrnes. Grant Thornton’s Phil Campbell-Wilson. Having replaced Jirsch Sutherland’s Malcolm Howell as liquidators of AXF Group, Grant Thornton duo Matt Byrnes and Phil Campbell-Wilson now have the job of negotiating AXF Group’s related party labyrinth, and that’s without considering the attitude of Howell’s out-of-pocket backers, Claims Funding Australia (CFA). According to Howell’s last report to creditors dated August 4, the Maurice Blackburn-backed…


Ex-parte application incensed AXF creditors

Last week iNO reported on the recent ousting of Jirsch Sutherland partner Malcolm Howell as liquidator of AXF Group. New information subsequently to hand sheds further light on how this potentially lucrative appointment was lost, and how Howell’s replacements, Matt Byrnes and Phil Campbell-Wilson of Grant Thornton, might avoid the same fate. In a letter to Howell’s lawyers, Landers & Rogers, dated May 11, the…


Jirsch partner dumped as creditors invoke new powers

Grant Thornton’s Phil Campbell-Wilson. Grant Thornton’s Matt Byrnes. Jirsch Sutherland partner Malcolm Howell has branded his removal as liquidator of AFX Group Proprietary Limited “a blatant abuse of the new insolvency laws” after he was replaced at a meeting of creditors last Friday by Grant Thornton’s Matt Byrnes and Phil Campbell-Wilson. The meeting had been convened in accordance with ss 90-15(1) and 90-21(2) of the…


Cor Cordis’s $500,000 I-Prosperity indemnity

Cor Cordis’s Jeremy Nipps. Cor Cordis’sBarry Wight. The God awful mess that is the I-Prosperity collapse seems certain to test the patience, skill and resources of the nine practitioners currently appointed across the group’s many entities, but we think the Cor Cordis threesome of Jeremy Nipps, Barry Wight and Alan Walker will have the toughest time of it. iNO says this because according to the…


Cant can’t shake dreaded friendly phrase

Romanis Cant’s Tony Cant. If there’s one term likely to irritate liquidators more than “corporate undertaker” it’d have to be “friendly liquidator”, a phrase that impugns the profession’s almost collective commitment to independence with unerring efficiency. We say almost because on occasion allegations may be aired by a court suggesting a liquidator has strayed, and in the case of Romanis Cant’s Tony Cant the damning…


Receiver resists inquiry into asset sale to appointor

Worrels Partner Simon Cathro. Hell hath no fury like a debtor who sees their assets sold at what they believe is significant undervalue – just ask Worrells partner Simon Cathro who is seeking to have dismissed an application for an inquiry into his conduct as receiver of International Business Corporation (IBC). IBC’s secured lender FC Securities appointed Cathro receiver of IBC and some related entities…


KPMG duo edge out rival VAs, become ProvLiqs

Romanis Cant’s Tony Cant. KPMG partner Robyn Duggan. If the dearth of appointments presently bedevilling liquidators required any illustration then an account of the competition for appointments to the Pages Events Group and how it ended in ProvLiqs is in order. Last Friday the NSW Supreme court made orders installing KPMG’s Robyn Duggan and Peter Gothard as provisional liquidators (ProvLiqs) of Pages Equipment Holdings Pty…


Conflict concern over ARITA director referral

Katherine Barnet leaving the Supreme Court Photo: iNO Images Liquidator Kate Barnet has taken leave of absence from her role as a director of the board of the Australian Restructuring, Insolvency & Turnaround Association (ARITA) following her referral to a s40-45 disciplinary committee by ASIC. As was first reported last week in Insolvency News Online (iNO) Barnet and former Bentleys colleague Bill Fletcher were referred…


VAs vying for Pages’ contents

KPMG’s Peter Gothard. KPMG’s Robyn Duggan. The shareholders of the Pages events group may have been throttling each other through the courts for four strangulated years but as far as iNO is concerned things became interesting only this month. In less than three weeks an entity in the group has had administrators appointed, administrators replaced and if the Gods of case law so will it,…