There’s nothing like a review of remuneration, as ordered by Justice Paul “Proportionality” Brereton, to cull the swagger from an IP’s stride and this week it was Mackay Goodwin’s Domenic Calabretta and Grahame Ward stepping carefully as court was convened. In the matter of Securimax the pair have been on eggshells since August 2017 when Justice Brereton concluded that if administrators get 66 per cent of the…
It seems that when a liquidator applies to the court for approval of his or her remuneration, advising the judge that you’re offering a big discount doesn’t harm your chances. In Deputy Commissioner of Taxation v Addwealth Financial Services Pty Ltd (in liq) [2018] FCA 96 we learn that BRI Ferrier WA principal John Carrello sought judicial approval for fees of $25,000 plus GST and expenses for work Carrello…
PPBA partner Mark Robinson has been running hard on the Reed Constructions case these last five and half years so SiN took a look at the most recent statement of accounts and minutes of meetings to see what he’s been getting for his efforts. Backed with funds from Pat Maloney’s Litigation Capital Management, Robinson has been pursuing an insolvent trading claim against two Reed directors, Geoff Reed and Derry Hill, who…
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…
In being refused his fees and legals, Jirsch Sutherland’s Liam Bellamy has extracted useful clarity from the courts on the question of the costs that can be claimed when an insolvency practitioner is required to attend a mandatory examination, particularly one that requires a practitioner to travel to the ends of the Earth or indeed to destinations even further flung, like Perth. The decision was…
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…
In the latest skirmish over the multi-million dollar proceeds of sale of the Patinack Farm properties once owned by Nathan Tinkler, liquidators Neil Cussen and David Mansfield have been ordered to deliver their time sheets to the Commissioner of Taxation (CoT). Following a directions hearing in the NSW Supreme Court on Monday, Justice Paul Brereton ordered the Deloitte duo to produce the time sheets and pay…
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…
dVT’s David Solomons and Antony Resnick demonstrated a hitherto undetected streak of optimism this week when they appeared before Justice Paul “Proportionality” Brereton seeking approval of remuneration accrued as receivers of Say Enterprise Pty Limited. The pair were installed by order of the court in August this year in what was described as an asset preservation role, apparently necessary due to possible breaches of freezing orders….
SiN readers will recall the retribution that was wrought upon Grant Thornton last year when four of its partners had the temerity to accept appointments as voluntary administrators of Arrium. The big four – unsecured all – weren’t going to let the Arrium board select its preferred appointees. Westpac’s credit nabob Gwyn Morgan blew a piston before withdrawing half a dozen or so receiverships from GT’s restructuring…