Late last year we brought you a story that exemplified disruption in insolvency – to wit the attempt by creditor activist group Subbies United to dislodge Grant Thornton’s Michael McCann and Said Jahani from their positions as joint voluntary administrators (VAs) of construction group CRCG-Rimfire. Subbies United’s raison d’etre is that director’s picks are kryptonite. They can’t be trusted if the director selected them. Best install…
The year is done, Christmas is come and for SiN it is time to replenish the reservoir of curiosity ahead of what promises to be a fascinating 2018. From next year the Insolvency Law Reform Act (ILRA) will be in full swing. Insolvency practitioners will face a world where creditors will have expanded powers. Appointees will need to get used to being replaced. Courts too…
SiN opens by apologising for the crime of coincidence which sees us writing about Jamieson Louttit for the second time this week. The coincidence can be explained by pointing to the small size of the Australian insolvency profession. Practitioners can’t help but cross paths on rival appointments and today’s tale doesn’t deal solely with the Pitt Street principal of Louttit & Associates. PPB Advisory’s (PPBA) Mark Robinson…
The former president of Yemen once described ruling the strife-torn Arab nation as like “dancing on the heads of snakes”. This week Ali Abdullah Saleh was assassinated by his former allies, who before becoming false friends of convenience had been the most reliable of enemies. Saleh’s fate got SiN wondering whether Jamieson Louttit may have developed a few dance steps of his own since last month when…
The issue of referrals initiated in a foreign language piqued SiN’s interest as we leafed through the Declaration of Independence, Relevant Relationships and Indemnities (DIRRI) sent to creditors of CRCG−Rimfire Ply Limited last week. Grant Thornton’s Mike McCann and Said Jahani picked up the appointment as voluntary administrators (VAs) from Vincent Shi of Hanrick Curran, the company’s external accountants. According to the DIRRI, an unidentified Grant Thornton (GTAL) staffer then…
As was recently reported by SiN, liquidator David Iannuzzi is girding his loins for a showdown next year with the Deputy Commissioner of Taxation (DCoT) but in the meantime the Veritas Advisory principal continues to throw himself into the rough and tumble of winning work. Obviously that means you win some and you lose some and Iannuzzi has certainly won his share in the past month, picking up about a dozen…
Worrells’ Morgan Lane and former colleague Michael Peldan could soon find themselves probed by a replacement liquidator after examination summons were issued for the Queensland-based practitioners in regards to Waltek industries Pty Ltd. SiN does not know yet if the intended recipients of the summonses have been served but at this point Waltek’s incumbent liquidator Jamieson Louttit is expected to pursue the pair to public examination. Waltek…