FTI’s John Park and his former colleague Ginette Muller are still trying to wipe off some of the opprobrium that attached itself to them after an August 2013 decision containing uncomplimentary remarks about their handling of the administration of LM Investment Management Ltd (LMIM), responsible entity for the LM First Mortgage Income Fund (FMIF). The remarks were made in proceedings which among other things saw BDO’s…
It’s the fight they had to have before the fight they’re about to have. In one corner of both the undercard and the main event are Deloitte’s Neil Cussen and David Mansfield, liquidators and receivers of various entities within the Patinack Farm Holdings group once controlled by bankrupt asset trader, Nathan Tinkler. The pair are pitted in both bouts against the Commissioner of Taxation (CoT), who wants to muscle in…
It didn’t require a psychic to foretell that BBY’s diverse bunch of creditors might at some point tire of the court-imposed regime for assessing the liquidators’ mounting fees and look to summon forth their own mechanism of restraint. A sign of that came on Monday in the NSW Supreme Court when legal representatives for the liquidators and BBY’s various classes of former clients and creditors –…
In the past six months liquidator Jamieson Louttit has been involved in an untidy scrap with coffee bean counter extraordinaire Les Schirato. That dispute is set to come to a head this morning when Louttit’s lawyers attempt to prevent an order being made against their client for indemnity costs. Based on the comments of Justice Ashley Black In the matter of S.C.W. Pty Ltd [2017] NSWSC…
The issue of receivers’ fees and expenses is endlessly vexed it seems. In the Supreme Court of Victoria’s court of appeal this week judgment was delivered in relation to a lengthy battle fought between Hall Chadwick’s David Ross and Richard Albarran and their appointor. The pair were appointed receivers of Action Cycles in July 2011 by Gippsreal Ltd under a deed of appointment and indemnity which…
When the planets align, the wind blows fair and the detail is both accurate and abundant, the dispensers of justice are happy to approve liquidator remuneration claims on the basis of hourly rates without recourse to the inherently fee-reductive principles of proportionality. In the latest instalment in the growing genre of judgments spawned by Sakr Nominees Pty Limited [2017] NSWSC 668 Ferrier Hodgson partner George Georges has…
Ex-bankrupt Robert Coshott and his wife Ljiljana Coshott have failed in their attempts to challenge fees and remuneration payable to Nick Crouch and Shabnam Amirbeaggi, who were appointed trustees for the sale of a Bellevue Hill property held jointly by Mrs Coshott and her husband’s former trustee in bankruptcy, Max Prentice. Rubbing salt into the failure, the three judges of the Federal Court of Appeal ordered that…
Judging by the most recent accounts and statement of Queensland Nickel’s special purpose liquidators (SPLs), Henry Carr will authorise hefty expenditures if he thinks the odds favour a result. Between December 2016 and March 2017 the Fair Entitlements Guarantee (FEG) Scheme recovery czar okayed the transfer of about $2.53 million from the coffers of the Federal Department of Employment’s (DoE) to PPB Advisory’s Steve Parbery and Michael Owen who were appointed as…
Nursing a broken hand under a black wool sock, liquidator Graham Ward endured more than an hour of cross-examination last Friday, courtesy of a company director seeking to claw back a chunk of the $165,000 in remuneration, expenses and disbursements that Ward and his Mackay Goodwin partner Domenic Calabretta have charged as administrators and liquidators of Securimax Pty Ltd. “There has been a very substantial transfer of…
Mark Korda, Jarrod Villani and Jennifer Nettleton are due this morning to ask a Federal Court judge to determine if they were sufficiently independent when they accepted the appointment as voluntary administrators (VAs) of Ten Network Holdings and thirteen related entities on June 14, 2017. Sources told Sydney Insolvency News over the weekend that the three KordaMentha partners will make the application in the Federal Court in Melbourne…