SV Partners’ Jason Porter.It doesn’t matter if you have 25 years in the insolvency game and sit on the national board of ARITA. If a judge thinks you’ve delayed a winding up inappropriately and failed to show why fees claimed were reasonably incurred then you’re going to get clipped.This at least seems to be the message from NSW Supreme Court judge Kate Williams who last…
Cor Cordis partner Jeremy Nipps.Cor Cordis partner Barry Wight.The old adage about biting off more than you can chew and chewing like hell came to mind this week as iNO digested the judgment of Justice Catherine Button in Nipps, in the matter of i-Prosperity Pty Ltd (in liq) [2023] FCA 1446.Her honour was ruling on an application brought by Cor Cordis partners Jeremy Nipps and…
Deloitte partner Matthew Donnelly.Deloitte partner Sean Holmes.Getting court approval for remuneration and guidance on how to distribute trust monies to unit holders is one thing. Getting the court to approve your application for orders winding up an unregistered managed investment scheme is something else again, as two Deloitte insolvency and restructuring partners recently discovered.“In my view, the plaintiffs do not have standing under s 601EE(1)…
KordaMentha partner John Mouawad.A recent judgment of the Supreme Court of Victoria demonstrates the unique challenges faced by administrators of digital trading platforms and how those challenges can contribute to the cost of the administration, especially when crypto currency is the asset traded.“The administration of the Companies is further complicated by the parallel bankruptcy proceedings that are being conducted in the United States. It is…
Jones Partners consultant Alan Topp.Coming before certain judges with less than fulsome explanations as to why fees and costs are justified is a zero sum game, as certain parties found out when NSW Supreme court judge Ashley Black was asked to rule on a dispute over amounts to be deducted from the proceeds of sale of land in Sydney’s west.“I do not accept their submission that…
McGrathNicol’s Rob Brauer.Hall Chadwick’s Richard Albarran. Insolvency practitioners at Hall Chadwick are enmeshed in at least two fee fights at present and the common denominator in both is Sydney practice head Richard Albarran.iNO readers will be familiar with the travails being experienced by Albarran and outgoing Melbourne partner Richard Lawrence in respect of work they did on Tauro Capital (Tauro), an appointment they were relieved…
Menzies Advisory’s Michael Caspaney.Victorian liquidator Peter Goodin.It’s past indiscretions at 10 paces in the Federal Court this week as interests associated with the Modscape Group continue to do everything they can to prevent the liquidator who had concerns about their 2017 restructure being paid the fees he earned and the expenses he incurred during his tumultuous, 11 month tenure.“Mr Luntz does not appear to have…
Hall Chadwick’s Richard Lawrence.Hall Chadwick’s Richard Albarran. The latest chapter in the fight by Richard Albarran and Richard Lawrence to be paid outstanding remuneration for their time as liquidators of start-up accelerator Tauro Capital (Tauro) could be cut short if Tauro creditors like the latest solution being proposed.Today it’s expected that the current liquidators of Tauro will distribute a report that includes a proposed settlement…
Balance Insolvency principal Tim Cook. An abundance of caution. If ever there was a phrase that gets an airing in most if not all court applications it would be this, at least when those applications involve an insolvency practitioner seeking fee approval for work performed as both liquidator of a corporate trustee and receiver of the associated trust assets. The reason for the phrase’s frequency…
FEG Active Creditor Recovery Unit Director Henry Carr. As iNO reported recently, Commonwealth FEG recovery Czar Henry Carr doesn’t like losing which is why it’s no surprise to learn that the taxpayer-backed Active Creditor Unit has filed a notice of intention to appeal in respect of the decision In the matter of BCA National Training Group Pty Ltd (in liq) [2023] NSWSC 366.The notice was…