Directors

Reidy gets remunerated, seven years on

Rodgers Reidy director Geoff Reidy. Seven years is a long time without a decent drink so liquidator Geoff Reidy will be relieved that a judge has at last granted him leave to imbibe. For the Rodgers Reidy co-founder the court’s approval means he can finally pour himself a pint of fees from the liquidation of Jainti Pty Ltd, a corporate trustee of the Zambito Trust…


Litigation funder battles to stave off insolvency

RSM Australia Partners’ National Head of Restructuring and Recovery Greg Dudley. RSM Australia Partners’ Jerome Mohen. Given the directors of GT Capital were sucking $30,000 a month out of the company in the form of advances on future dividends, it’s perhaps no wonder that a pair of provisional liquidators are now installed at the litigation funder ahead of a winding up hearing next week. Add…


WA creditors back Pitchers pair to replace PKF duo

PKF partner Glenn Franklin. Pitcher Partners’ Bryan Hughes. The Darwinian contest for appointments, prestige and WIP continues unabated and in the case of ASX-listed Colortv Ltd, PKF Victoria partners Glenn Franklin and Jason Stone may well be rueing the loss of a plum. The pair were appointed administrators of the MySpace spin-off on August 31 after receiving a call from Melbourne-domiciled referrer Tumblugum Investments Pty…


Judge rejects surplus solution as “cop out”

Smith Hancock’sPeter Hillig. Smith Hancock’s Mike Smith. Receivers wondering about the best course to take in dealing with a surplus might, depending on their circumstances, take note of the recent experience of Smith Hancock’s Peter Hillig and Mike Smith. The pair were appointed receivers and managers of the J & Lee Property Group Trust by court order in August 2017, some seven months after the…


Insolvency veteran named in bid to oust liquidator

KPMG special advisor Max Donnelly. BRI Ferrier’s Peter Krejci. The imbroglio that is ENA Development Pty Ltd (ENA) in liquidation and receivers appointed continues to entertain with the latest twist involving a veteran practitioner opining about solvency. iNO has already reported on this ongoing brawl between BRI Ferrier NSW partner Peter Krejci and former ENA director and ex-shareholder Robert Sebie over whether various assets belonged…


Failing to notify directors returns to bite

KPMG’s Matthew Woods. It must be some relief to liquidators to know that they can overlook notifying an insolvent company’s directors about applying to extend the three-year legal deadline to bring preference actions and there’s no blowback. Well, not for the liquidators at least. “The plaintiffs concede the directors should have been notified of the original application. They accept it was an oversight on their…


Sierocki winds up company with $1.3 million in debts

SM Services (QLD) director Jarrod Sierocki. Liquidator David Levi. SM Solvency Accountants director Jarrod Sierocki has appointed Sydney insolvency practitioner David Levi as liquidator of related entity SM Services (QLD) Pty Ltd, with Levi’s initial report to creditors disclosing debts of more than $1.3 million. According to ASIC records SM Services (QLD), which is now known as ACN 630 295 091 Pty Ltd, was placed…


FOGO fiasco continues as gross sum costs refused

Liquidator Gavin Moss. Photo: iNO Images Some external administrations seem genuinely cursed and given the tribulations experienced by Chifley Advisory boss Gavin Moss, the liquidation of Fogo Brazilia Franchise Holdings Pty Ltd (FBFH) would appear to be one of them. “I would nevertheless have been inclined to make a specified gross sum costs order, having regard to the impecuniosity of the plaintiffs, if the defendant…


Liquidators gain access to HLB partner’s PI policy

HLB Mann Judd managing partner James Henderson. Pearce & Heers’ Mark Pearce. North of the border Pearce & Heers partners Mark Pearce and Michael Dullaway have achieved a significant victory in their tug of war with HLB Mann Judd (SE QLD) over material relating to a business sale transaction HLB Brisbane managing partner James Henderson advised on in late 2018. “The liquidators submitted that there…


Receivers receiving please retire letter

SV Partners’ Darren Vardy. Hall Chadwick’s Richard Albarran. Earlier this month the chief judge in equity of the NSW Supreme Court made an order appointing the liquidator of Epic Mining as receiver and then stayed the order’s effect for 14 days. On Monday this week that stay expired and iNO confidently expects that Epic’s incumbent receivers & managers (R&Ms) will shortly receive – if they’re…