Cor Cordis partner Jeremy Nipps. i-Prosperity Underwriting receiver David Levi. Back in August 2020 iNO predicted that the liquidators appointed to various entities within the i-Prosperity group might have trouble persuading creditors to approve future resolutions pertaining to their remuneration. As confirmed by the Minutes of the most recent meeting of the i-Prosperity Pty Ltd Committee of Inspection (COI) that forecast was spot on. By…
Hall Chadwick partner Kathleen Vouris. Last week saw one of those scenarios – not entirely uncommon – where the chair of a deadlocked meeting has to give effect to the phrase “creditors will determine the future of the Company”. As well as defenestrating the spirit of the term in its purest sense, chairman or chairwomen choosing to use their power to break a deadlock invariably…
Grant Thornton’s Mike McCann. Mackay Goodwin’s Domenic Calabretta. Creditors’ distaste for fees is on full display this week with the release of the Minutes of the May 11, 2022 meeting of CRCG Rimfire (CRCG). The meeting was convened upon the application of creditors seeking to oust incumbent CRCG deed administrators Mike McCann and Said Jahani who are believed by certain creditors to have levied excessive…
Mackay Goodwin’s Mitchell Ball. You’d think a liquidator who’s scraped together enough moola to declare a surplus might earn some plaudits from the intended recipients. Many if not most liquidations after all generate nothing more than zero for creditors and hours of unremunerated work for appointees, so any kind of recovery is grounds for relief if not celebration. Expressions of gratitude from certain stakeholders in…
Darryl Kirk of Cor Cordis Brisbane. Well it turns out that when objectors to a liquidator’s remuneration application becomes in the court’s eyes adversaries, they can be liable for the liquidator’s costs of responding. The decision in question can be found at: Manicaros v Commercial Images (Aust) Pty Ltd [2022] QSC 83 which tells of the stiff resistance Cor Cordis partner Darryl Kirk encountered in…
Grant Thornton’s Mike McCann. Mackay Goodwin principal Domenic Calabretta. No doubt the Minutes of the most recent meeting of creditors of CRCG Rimfire Pty Ltd will tell an interesting tale when they become available but iNO has gleaned sufficient intel to report that the incumbent deed administrators are no more. On May 11 creditors resolved to turf the Grant Thornton duo of Michael McCann and…
SV Partners’ David Stimpson. A recent judgment of Queensland Supreme Court judge David Jackson contains a wealth of insight into issues of relevance to insolvency practitioners, most notably those of solvency or insolvency, validity of appointment, remuneration and last but not least, disruptive humbug. Whilst the judgment represents an exceptional reference for practitioners and their legal advisors alike, some thought must be spared for the…
Hall Chadwick’s Richard Albarran. Hall Chadwick’s Richard Lawrence. “Nice try but no cigar” might have been the words chief judge in equity David Hammerschlag muttered as he put the finishing touches to his ruling on the application by three Hall Chadwick partners for an order that they were entitled to an equitable lien over funds that might normally have been excepted to be the exclusive…
FEG Active Creditor Recovery Unit Director Henry Carr. There may be much for circulating asset aficionados to ponder in the event that the Commonwealth – through its FEG Recovery Division – commences proceedings against the former receivers of Castel Electronics Pty Ltd. iNO says if because at this point all the Commonwealth has done is obtain orders ensuring that the company cannot be deregistered by…
Hall Chadwick’s Richard Lawrence. Hall Chadwick’s Richard Albarran. Sometime soon we should know whether an administrator trading on a business can claim a lien over funds generated from the sale – by receivers – of assets that were never the property of the company to which the administrators were appointed, and couldn’t be said to have been possessed, preserved and realised by the administrators exclusively…