O’Brien Palmer’s Liam Bailey. Christmas spirit was in limited supply at the meeting of creditors of bankrupt builder Tony Saaib late last year, and that’s perhaps understandable. Convened on December 23, 2022 creditors had assembled to consider just one resolution. The removal of the trustee of Saaib’s bankrupt estate and his replacement with rivals joint and several. “I advise that the Indemnity is not payable…
Hastie Group liquidator Craig Crosbie. The ongoing saga of the Hastie Group Pty Ltd continued yesterday with liquidator Craig Crosbie flagging a possible appeal as the Federal Court delivered reasons in respect of costs. In Hastie Group Limited (in liq) v Multiplex Constructions Pty Ltd (Formerly Brookfield Multiplex Constructions Pty Ltd) (No 4) [2022] FCA 1575 retiring judge John Middleton made multiple costs orders in…
Chris Baskerville of Jirsch Sutherland. Insolvency practitioners need to be a thick-skinned and philosophical lot. Resentful creditors, regulators inclined to scape goat and duplicitous directors make for a generally adversarial stakeholder group that’s all too eager to pillory appointees at the merest whiff of an oversight. It’s no profession for those who need to be loved and when a practitioner cops a kicking they need…
Hall Chadwick partner John Vouris. Hall Chadwick partner Kathleen Vouris. The ephemeral nature of a corporate trustee’s right of indemnity continues to bedevil those charged with the winding up of a trustee company’s affairs. Trust deeds allow for the appointment of new trustees whenever an incumbent is insolvent or anticipated to shortly become so. Those wielding the power to appoint a replacement rarely decline to…