Directors

Kordas resisting shareholder move on Arrium boss

Squire Patton Boggs’ Amanda Banton. An interesting stoush has broken out between Arrium deed administrators (DAs) KordaMentha and Arrium shareholders seeking to publicly examine former director Colin Galbraith. Back in May a Registrar of the NSW Supreme Court issued an examination summons to Galbraith on the application of two shareholders represented by Amanda Banton from Squire Patton Boggs (SPB). Banton’s involvement indicates there’s likely a…


ATO overlooks own audit during CFC DoCA objections

Balance Insolvency principal Tim Cook. An appeal against a judgment that went the way of FTI Consulting’s John Park and Kelly-Anne Trenfield kicked off in the Federal Court yesterday and there’s plenty to ponder as it pertains to Citadel Finance Corporation (CFC) and its labour hire subsidiary Action Scaffolding & Rigging Pty Limited (AS&R). A financier of its own operating entities, CFC is the appellant…


Judge chides ABL and MO over BBY emails

BBY liquidator Stephen Vaughan. The brain-contorting complexity of the BBY Limited liquidation is back on display after liquidators Stephen Vaughan and Ian Hall sought to retreat to a simpler regime for the recovery of costs. The simpler regime was first put in place in 2015 by Justice Paul Brereton, who has since fled to the Court of Appeal. At the time the regime was seen…


Another insolvent SPV, another incumbent challenged

Glenn Livingstone. Image courtesy Ferrier Hodgson. In the wake of the NSW Supreme Court’s recent refusal of an application seeking to replace incumbent liquidators comes another such attempt involving a builder feeling bilked by a developer with an insolvent SPV. The practitioner in the middle this time is Adam Farnsworth, who as an aside recently parted company with Adam Shepard to form Farnsworth Carson with…


Rhodes & Beckett liquidators defend appointment

Worrells’ Nick Malanos. Nick Malanos and Adam Farnsworth have been forced to confirm their appointments as liquidators of two companies formed to operate the business of Rhodes & Beckett after the private equity group that bankrolled the ailing retailer out of administration in 2017 claimed those doing the appointing weren’t valid directors. NSW Supreme Court judge Kelly Reeves yesterday ruled that Malanos and Farnsworth, who…


Liquidators to seek $1.6 mill from executive coach

KordaMentha’s Rahul Goyal. KordaMentha’s Jen Nettleton. KordaMentha’s Jen Nettleton and Rahul Goyal are cleared to commence bankruptcy proceedings against high profile executive coach Peter Hislop after a court ordered that he pay the pair more than $1.6 million. Hislop’s company Potentia3 Pty Ltd was facing liquidation back in May 2015 after defaulting five times on repayment arrangements it had entered into with the Australian Tax…