iNO Opinion There’s been some interesting work done by Sivaa Consulting in terms of matching statistics for insolvency appointments with numbers of registered liquidators. What the Sivaa analysis shows is that there has not been an annual increase in appointment numbers since 2015 and only one year in the last five – 2016/17 – when the number of registered liquidators wasn’t falling. Given those mutual…
Opinion Mukhtader Mohammed – the aviation specialist is on the front line in the VA’s negotiations with aircraft lessors. There’s certainly been a bit said about the myriad relationships existing between insolvent aviator Virgin Australia and Deloitte, the big four professional services firm to which Virgin’s four voluntary administrators (VA) belong. The DIRRI lodged by the Deloitte four detailed the extent of the relevant relationships,…
January: iNO’s 2019 coverage kicked off with a story related to the topic that had dominated our headlines in December 2018 – namely the decision by Jirsch Sutherland to terminate the employment of partner Amanda Young days before Christmas. In the near term aftermath Young’s brother and a former managing partner of Jirsch Sutherland Sule Arnautovic resigned as liquidator of St Gregory’s Armenian School Inc,…
iNO OPINION BPS Recovery’s Mitchell Ball. When iNO read through the reasons provided last week in support of a 12 month curtailment of liquidator Mitchell Ball’s right to accept new appointments, what was demonstrated very clearly was that discipline can be a complicated affair. This was no straightforward suspension. This was discipline of convenience. While Ball was banned from accepting any appointment for a year…
Imagine if registered liquidators’ viewed the meeting of a regulatory deadline as an aspirational target. ASIC would visit upon such transgressors a veritable plague of show cause notices, and woe betide the unrepentant. But does the regulator feel obliged to demonstrate a standard of compliance as scrupulous as that which it demands from those it licences? iNO thinks not, at least in terms of the…
Australian Small Business and Family Enterprise Ombudswoman Kate Carnell.Image Supplied. The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) will conduct an inquiry into the insolvency system with a view to determining if current practices “achieve the best possible outcome for small and family businesses in financial trouble.” Never mind that small business owners are the largest contributors to Australia’s multi-billion dollar unpaid tax bill,…
iNO Opinion FEG Recovery Unit Director Henry Carr. Vannin Asia Pacific head Tom McDonald. It would’ve been either touchingly naive or perilously optimistic to think the $110 million Clive Palmer agreed to pay to Queensland Nickel (QN) special purpose liquidator earlier this month would strip any heat from the ongoing litigation. In iNO’s opinion, the eye watering settlement Steve Parbery extracted might inspire Palmer to…
Many will have seen the 12th ASIC Corporate Insolvency Update land in their email inboxes yesterday but iNO wonders how many clicked on the first case study, which details, without naming names, a curious story about a wedding to illustrate the extent of the precautions ASIC expects liquidators to take when assessing potential threats to their independence. Independence is always a hot topic and this…
Pitcher Partners’ Roberto Crispino. Pitcher Partners Chris Parissis. Anonymous letters circulating, union cages rattling, staff seeing shrinks, experienced operators ousted and underlings elevated – just another day for the Melbourne branch of the ATO’s Significant Debt Management (SDM) Division it seems as INO uncorks this bottler of a yarn, the first sip of which blends the curious departure of SDM Director Aris Zafiriou with the…
Liquidator David Iannuzzi. I infer, therefore I am. Such were the inanities wont to shuffle behind INO’s eyeballs during pauses in the Supreme Court’s Corporations List on Monday morning. Fortunately for you, good readers and bad, such philosophical meanderings are infrequent and the most recent evaporated instantly upon the detection of an irregularity. In these opportunity-starved times, an insolvency practitioner seeking to be discharged from…