Wexted Advisors’ Wenjie Wang. The tug of war between the special purpose liquidators (SPLs) of the Mosaic Brands Group and the Group’s directors and advisors has forced the protagonists to ask the Federal Court to determine if the directors can claim exclusive privilege over safe harbour advice contained in Minutes of board meetings and board packs. Federal Court judge Brigitte Markovic this morning heard that…
Olvera Advisors’ Neil Cussen. Olvera Advisors’ Tony Wright. According to documents filed in the NSW Supreme Court Neil Cussen and Tony Wright will be expecting a judge to find them without sin when their application for validation of their appointments as voluntary administrators (VA) of Ark Capital Partners (ACP) comes before the court later today. With money short and the next Ark employee wages bill…
Cor Cordis partner Kate Conneely. Cor Cordis partner Rahul Goyal. Cor Cordis duo Rahul Goyal and Kate Conneely wanted out. They couldn’t locate the asset. Their funder was happy for them to go. All that was required was a judge prepared to approve their final remuneration and ahem, disbursements. What they got was Ashley Black. The scrupulously correct Corporations List judge at the NSW Supreme…
McGrathNicol partner Shaun Fraser. The security interest shell game Sanjeev Gupta has played with the assets of GFG Alliance was always going to come under scrutiny once one of the group’s entities fell into the hands of independent liquidators with funds. That scrutiny was also always going to include Gupta’s lenders, lawyers and advisors and last month in the Federal Court McGrathNicol’s Shaun Fraser and…
Worrells Nathan Deppeler. Worrells Scott Andersen. If liquidators put up half-hearted opposition to an application was there any point opposing it at all? Nathan Deppeler and Scott Andersen either thought so or were persuaded by their lawyers to offer only modest resistance in respect of an application by an interested party wanting to be heard on their application for judicial directions. The Worrells pair are…
PKF partner Simon Thorn. We don’t know if it’s a testament to the generally high standards maintained by Australian liquidators or an indictment of ASIC’s stretched enforcement capability but up until last month there hadn’t been a referral to a disciplinary committee under section 40-50 of Schedule 2 to the Corporations Act in almost four years. The last time a Committee was convened to deliberate…
Insolvency Option’s Darren Vardy. BRI Ferrier’s Peter Krejci. Whether it’s Richmond Lifts or the NPC Pooled Group there are times when all the current tax fraud allegations seem to circle the same drain, a sink hole beneath which allegedly lurks accountant Samuel Peter Cassaniti. And as it so happens, one of those times was yesterday morning when an application to wind up Armstrong Scalisi Holdings…
Hall Chadwick’s Richard Albarran. Hall Chadwick’s Brent Kijurina. Last month we reported on moves commenced by West Australian wine maker Paul Williams to remove various assets from the clutches of Richard Albarran and Brent Kijurina, who’d effected seizure after Williams defaulted on the terms of a loan he sourced from Blackbird Mortgage Corporation (BMC). The Hall Chadwick duo had been appointed as receiver managers over…
Begbies Traynor partner Paul Cooper. Begbies Traynor partner Paul Appleton. They might be experienced insolvency practitioners from the old country but Paul Cooper and Paul Appleton have slipped up down under by failing to present a creditors petition within the required time frame, a lapse that last week earned them an adverse costs order from Federal Court judge Berna Collier. “The more likely situation appears…
Chifley Advisory’s Gavin Moss. When you discover your referrer lodged a bogus proof of debt in the liquidation he’s referred to you, what’s to be done? Delete said referrer from your contacts, or take more drastic action? For the Sydney liquidator who admitted the baseless claim, the nuclear option – abandoning CVL work entirely – was easier than punting the referrer, though that happened too,…