KordaMentha’s Rahul Goyal. KordaMentha partner Michael Korda. A year ago it would’ve been a timid receiver indeed who wouldn’t back him or herself to conjure a surplus if given the opportunity to sell apartment 1306 in the record breaking Opera Residences development at Circular Quay. Further embolden said receiver, or in this case receivers, with hubristic valuations obtained before rate hikes sucked the froth out…
Rodgers Reidy director Geoff Reidy. Seven years is a long time without a decent drink so liquidator Geoff Reidy will be relieved that a judge has at last granted him leave to imbibe. For the Rodgers Reidy co-founder the court’s approval means he can finally pour himself a pint of fees from the liquidation of Jainti Pty Ltd, a corporate trustee of the Zambito Trust…
Cor Cordis partner Jeremy Nipps. Cor Cordis partner Barry Wight. There’s nothing like offering a discount on fees to cut through the confusion a committee of inspection (COI) might be experiencing as a result of a complex remuneration report. “The Chairperson noted that if information is leaked to third parties without the Liquidators’ prior consent, the Liquidators would take appropriate action where necessary.” Cor Cordis…
Smith Hancock’sPeter Hillig. Smith Hancock’s Mike Smith. Receivers wondering about the best course to take in dealing with a surplus might, depending on their circumstances, take note of the recent experience of Smith Hancock’s Peter Hillig and Mike Smith. The pair were appointed receivers and managers of the J & Lee Property Group Trust by court order in August 2017, some seven months after the…
KPMG’s Tim Michael. KPMG partner John Lindholm. A recent judgment of the Federal Court of Australia underscores the Himalayan hurdles facing insolvency practitioners who seek the court’s approval for payment of remuneration yet to be earned from assets held on trust. The protagonists in this matter are Tim Michael and John Lindholm, two of the plethora of “Special Advisors” swelling KPMG’s senior ranks since it…
Jirsch Sutherland’s Malcolm Howell. RRI Advisory’s Liam Bellamy. It’s been some time coming – perhaps the elevation of Labor to federal eminence got in the way – but down under’s most intimidating creditor has resumed flexing its litagatorial muscle, in this case in respect of fees the now ex-receivers of Castel Electronics Pty Ltd paid themselves and the divvy they fed the secured. iNO first…
HoganSprowles partner Christian Sprowles. It can be ticklish being both receiver and liquidator of a corporate trustee and Christian Sprowles is one practitioner who knows all about it. The Hogan Sprowles‘ principal was appointed liquidator of CWCN Pty Ltd, the trustee of the CWCN Unit Trust on March 4, 2020. After discovering that although the company was assetless the underlying trust was anything but he…
Mackay Goodwin’s Mitchell Ball. If the challenge outlined on Monday in the NSW Supreme Court proceeds, it may qualify as one of the most ill-advised attacks by a director on a liquidator’s fees mounted in many a year. That at least seemed be the opinion of presiding judge David Hammerschlag after hearing submissions on behalf of Mr Tracey Fellows, one of two directors and shareholders…
Hall Chadwick’s Richard Albarran. Hall Chadwick’s Richard Lawrence. One thing to be said about Hall Chadwick duo Richard Albarran and Richard Lawrence is that they won’t die wondering. Despite indicators suggesting any attempt to recover their final fees and costs from the controversial Tauro Capital appointment should be categorised as heroic, the pair are pressing ahead. To this end a notice of intention to apply…
Hall Chadwick’s Richard Albarran. Equititrust Income Fund receiver David Whyte. When you tell creditors that you won’t seek to recover your fees from a related entity and the receiver of that related entity is present, it’s best not to renege. Even the most well-meaning of practitioners can come to regret backflipping on an undertaking and in the case of Equititrust Limited (in Liquidation) (EL) and…