Court documents obtained by Sydney Insolvency News reveal that ex-PPB Advisory (PPBA) partner David Leigh paid $100,000 to a secured creditor out of a total $800,000 PPBA alleges he fraudulently misappropriated from the liquidation account of Neolido Holdings. According to an application for freezing orders filed by lawyers for PPBA last week, Leigh was questioned about the missing monies on Tuesday February 22 by PPBA Queensland…
As the shockwave from Friday’s revelations about former PPB Advisory (PPBA) partner David Leigh spreads two separate issues are emerging. One relates to the very well regarded Leigh and what might’ve driven him to transfer, as is alleged by PPBA, $800,000 in three tranches from an account connected to Neolido Holdings Pty Ltd (In Liquidation) to an account connected to his private company Peach Pty Ltd. The rumour…
Cor Cordis Melbourne partner Dennis Turner received an unwanted Christmas missive last year when ASIC served the Melbourne-based liquidator and bankruptcy trustee with a Schedule 2 disciplinary referral on December 20. The Form 986, while largely devoid of detail, cites as the alleged misconduct: “Actual or perceived conflict of interest or duty” and “Failure to disclose giving rise to actual or perceived conflict of interest or duty”….
Veritas Advisory might find itself in need of a replacement trustee now that the first AFSA disciplinary committee convened under the new Insolvency Practice rules prepares to determine whether incumbent Louise Thomson should incur any penalty. According to the AFSA website, Thomson was referred under Part 2 of Schedule 2 to the Bankruptcy Act (the Act) after the Inspector-General formed the belief that: “Thomson has failed…
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…
One of the most interesting aspects of chronicling the insolvency profession’s triumphs and tribulations involves the frequent observance of coincidence. The regulated population of registered liquidators might seem small, but not necessarily in the context of the amount of work available, which is a question that brings us to consideration of the sources of appointments. In the latest occurrence of coincidence, two liquidators facing efforts…
When there’s $47 million in cash at stake, cross border insolvency issues and allegations that the disputed funds are proceeds of crime, it’s not surprising that the practitioners involved would fall out but the saga of Cedenco JV Australia/SK Foods Australia is one for the record books. Not only have liquidators John Sheahan and Ian Lock locked horns with receivers Mark Korda and Craig Shepherd during…
Veritas Advisory principal David Iannuzzi is fighting an attempt by the Commissioner of Taxation (CoT) to ban him from holding a liquidators registration for 10 years over allegations of multiple breaches of the Corporations Act and the ARITA Code of Professional Practice (CPP). A 93 page originating process filed in the Federal Court by the CoT contains accusations that Iannuzzi conspired in schemes to defeat…
Pitt Street liquidator Jamieson Louttit has avoided the full wrath of an adverse order – kind of – after a judge ruled that indemnity costs should not be applied to two days spent hearing an application launched in April against Louttit by the king of encaffeination, Les Schirato. In a judgment handed down last week NSW Supreme Court judge Ashley Black signalled that Schirato – in his capacity as director…
Is Asden Developments the insolvency equivalent of an A-bomb? Its ex-director and her advisor were bankrupted, its first liquidator was admonished by the courts, and when the second liquidator tried to turn his predecessor’s humiliation into recoveries and fees, he lost. That was the initial fallout after Asden was placed into liquidation by its director back in late 2010. Now it seems even parties somewhat removed…