Directors

SM Solvency, Vincents and the great relinquishment

Vincents Business Advisory director David Rose. SM Solvency Accountants’ Jarrod Sierocki. As iNO reported last week, our recent investigations indicate that SM Solvency Accountants, having lost key staff in the past few months, was also about to lose Brendan Nixon, the only member of the firm authorised to accept insolvency appointments. Despite multiple requests via mail and voicemail to either confirm or deny neither Nixon…


Fees of 20 per cent of assets proportionate: Court

KordaMentha’s Jen Nettleton. KordaMentha partner Rahul Goyal. How sweet it is when a liquidation actually delivers. When creditors get 100 cents in every dollar owed and there’s fat sufficient to cover every hour billed, no matter how big a percentage of assets total remuneration comprises. And best of all, a court decrees the fees are proportionate. How rare it is too. But not this week…


Forge settlement fodder for ‘Improving Outcomes’ Bill

Banton Group CEO Amanda Banton. KPMG’s Martin Jones. If the Federal Government wanted a recent example of why the litigation funding industry should submit to the regulatory cosh as is envisaged in the Government’s Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021 then it might like to look at the latest update for creditors of the Forge Pooled Group (FPG). “The fact that…


Govt-funded liquidator one step closer to removal

Liquidator Moira Carter. Federal Court judge Scott Goodman has rejected arguments seeking to block an amendment to an originating process that calls for the removal of the liquidator of Australian Vocational Learning Institute Pty Ltd (AVLI). As told in LFI Ventures Pty Ltd v Carter, in the matter of Australian Vocational Learning Institute Pty Ltd (in liq) [2021] FCA 1555, the arguments against inclusion of…


ASIC and liquidator bound for trial if mediation fails

Worrells partner Jason Bettles. Barring settlement at mediation or ASIC’s case collapsing for want of competence the next 18 months represents a period of nagging uncertainty for Jason Bettles. Orders made in the Federal Court in November have paved the way for the Worrells Queensland partner to be tried next year on allegations of complicity in an illegal phoenix scheme. The allegations – which Bettles…


Joint & several curse haunts liquidator in the box

BCR Advisory’s John Morgan. Sydney liquidator John Morgan copped the treatment in the Federal Court witness box yesterday as a three day hearing kicked off to determine if a company he de-registered more than three years ago should be reinstated. If Morgan’s application succeeds and the BCR Advisory principal is also rewarded with the pooling order he seeks then FEG Recoveries will bankroll the commencement…


Failed appeal follows imprudent refusal

Hall Chadwick partner Blair Pleash. When you’re being funded to pursue litigation, it’s not difficult to double down and appeal after a stinging loss. For Hall Chadwick partner Blair Pleash, trying to cajole a ceasefire from the bowels of defeat has meant being bitten twice in a month after the Federal Court of Appeal last week dismissed his bid to overturn a ruling rejecting his…


Ousted VA extracts fees despite demands for costs

Greyhouse Partners’ Ben Verney. Commercial judgment appears to have won out in respect of a dispute over the fees of a former voluntary administrator (VA) who refused to comply with a costs order while his remuneration remained unapproved. The recently resolved stand off involved Greyhouse Partners Ben Verney, who was formerly voluntary administrator (VA) of Icon Construction Australia (NSW) Pty Ltd (ICA NSW), the company’s…


Last in liquidator can’t convince court to extend

Hall Chadwick’s Ginette Muller. Marcus Watters of Hall Chadwick. Persuading a court to extend the deadline by which time you must commence proceedings can be a hard slog, particularly when your unfunded predecessors found nothing to see. Such however have been the travails recently endured by Jirsch Sutherland Brisbane partner Chris Baskerville and thoughtfully catalogued by Queensland Supreme Court judge Glen Martin in Baskerville v…


When directors look the other way and it’s okay

RSM partner Neil Cribb. Sheridan’s Jennifer Low. As best we can tell RSM partner and West Australia insolvency veteran Neil Cribb has chosen not to appeal the November 11 decision of Federal Court judge Neil McKerracher in Cribb v Kingsbury (No 2) [2021] FCA 1397. “No doubt such cases will come in many different forms, but certainly in this case I do not consider Mr Kingsbury’s…