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…
Cor Cordis partner Sam Kaso.Cor Cordis Melbourne partner Bruno Secatore.Cor Cordis duo Sam Kaso and Bruno Secatore will be relieved following a decision of the Federal Court delivered this week in Kaso (administrator), in the matter of Sanitation Maintenance Services Pty Ltd (administrators appointed) [2023] FCA 418.The pair were appointed administrators of Sanitation Maintenance Services and three related companies in July 2022.“It may be accepted…
Hall Chadwick’s Richard Albarran. Hall Chadwick’s Richard Lawrence.A contested fee application scheduled for hearing in June is likely to give liquidators and the lawyers who act for them deep insights into how the courts view the always contentious issues of information provision, seniority and duplication of work.“I take issue with these allegations and moreover say that the ATO has no basis to question the rates…
PKF’s Brad Tonks.FEG Active Creditor Recovery Unit Director Henry Carr. There would have been only measured satisfaction in the offices of PKF partner Brad Tonks and his lawyers at O’Neill Partners after the NSW Supreme Court yesterday delivered them a potentially significant victory against the Commonwealth’s FEG Recovery Division in respect of the dreaded interplay of sections 556 and 561 of the Corporations Act (Corps…
Hall Chadwick’s Richard Albarran. KordaMentha’s Richard Tucker.In insolvency, incumbency has its virtues, if for no other reason than that creditors desperate to have a voice might generally prefer the first devil presiding over their particular hell.And even when the incumbent is shown to charge more for the privilege of impaling claims on the trident of pari passu, being first has its advantages, as was seen…
Vincents’ Nick Combis. Merchant Advisory’s Louisa Sijabat.A successful appeal in the Federal Court has left two registered trustees facing a hefty costs order from an unenviable position deep in the hole on their fees.The pair, who’ve been pursuing almost $550,000 they claimed the bankrupt had paid into his superannuation fund to defeat creditors, had opposed the appeal. But the decision handed down this week by…
Hamilton Murphy’s Stephen Dixon.The Federal Court has refused to find that Victoria Project Pty Ltd (VPPL) liquidator Stephen Dixon and his firm misled shareholders when he told them his fees to complete a members voluntary winding up (MVL) would be capped at $50,000 plus out of pocket expenses and GST. As is disclosed in Dixon (Liquidator), in the matter of Victoria Project Pty Ltd v…