The much anticipated hearing of the Commissioner of Taxation’s application for a Federal Court inquiry into Sydney liquidator David Iannuzzi commenced this week with his defence team signalling a challenge to the admissibility of the ATO’s evidence. Iannuzzi is facing a multi prong attack from the ATO, which is seeking to have the court inquire into his conduct; an order that he be banned from…
The middle of a national rebranding campaign is not when a firm wants one its most senior and prominent practitioners to be unfavourably exposed but following publication of a disciplinary notice by ARITA, Cor Cordis finds itself in such a position. Posted on the ARITA website last Friday, the notice discloses that Ozem Kassem, one of Cor Cordis’s senior partners in NSW, has been expelled from…
ASIC’s long pursuit of Randall Joubert looks set to finally conclude after the Administrative Appeals Tribunal (AAT) yesterday affirmed a 2016 decision of the Companies Auditors Liquidators Disciplinary Board (CALDB) recommending that Joubert’s registration as a liquidator be cancelled. In Joubert and Members of the Companies Auditors and Liquidators Disciplinary Board [2018] AATA 944 (19 April 2018) AAT deputy president Brian Rayment QC said in conclusion: “I…
Sydney liquidator Randall Joubert will soon know whether his registration is to be cancelled after hearings in the Administrative Appeals Tribunal (AAT) appeared to conclude on Monday. We say appeared only because one can never be sure with such an interminable sequence of proceedings – they commenced in May 2016 – but after attending the hearing it was evident that AAT deputy president Brian Rayment had…
Veritas Advisory trustee in bankruptcy Louise Thomson has been vindicated by the first disciplinary committee convened under Schedule 2, section 40-45 of the Bankruptcy Act, 1966. In a Decision Committee Report the Committee decided that: i. the Trustee should continue to be registered. 11. suspension, or restriction on the Trustee’s appointments is not appropriate. Iii. public admonishment or reprimand is not appropriate. Iv. a condition…
As PwC runs the ruler over PPB Advisory (PPBA) ahead of a possible takeover later this year it’s worth noting that legacy issues like the consequences of the alleged fraud perpetrated by ex-partner David Leigh will be on the minds of both sides. For PPBA, that involves dealing with the fallout from Leigh’s decision last year to transfer $800,000 from the liquidation account of Neolido Holdings to Bank…
PPB Advisory’s lengthy association with the troubled Neolido Holdings ended yesterday and so complete was the severance that the top tier firm was denied even its preferred choice of replacement liquidators. As SiN reported in Collateral Damage: Sparks To Resign From Neolido PPBA partner Grant Sparks applied last week to resign as liquidator of Neolido Holdings in the wake of the misappropriation allegations levelled at his former…
Trawling the Supreme Court of Queensland website might not sound a rewarding practice but it’s one way to keep abreast of the continuously evolving story around ex-PPB Advisory partner David Leigh and the $800,000 he allegedly misappropriated from the liquidation account of Neolido Holdings. As SiN recently commented, the circumstances around the misappropriation meant it was always going to be difficult for Neolido’s joint appointee…
The alleged misappropriation of $800,000 from the liquidation account of Neolido Holdings by David Leigh will produce plenty of fallout for his ex-colleagues at PPB Advisory (PPBA) and no partner is closer to ground zero than Grant Sparks. SiN makes no suggestion that Sparks was in any way complicit in the alleged fraud or negligent but as joint liquidator of Neolido Holdings he, like any other…
The more SiN learns about how ex-PPB Advisory (PPBA) partner David Leigh allegedly misappropriated $800,000 from the liquidation account of Neolido Holdings, the more difficult it is to believe that he believed it wouldn’t fail. This was no devilish scheme, no fiendish deception, exposed only by the most unlikely twist of fate. As the excerpt from the critical Form 524 below shows, Leigh simply replicated payments being…