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INO Opinion

ASIC, ATO, FEG, INO Opinion, Regulation/Legislation 7 September 2018

Has a passive ATO facilitated phoenix activity?

COMMENT: In Pitcher’s Phoenix Probe Yields Liquidators’ Names we revealed how as part of their investigations into the alleged A&S Services tax avoidance scheme, Pitcher Partners had contacted 100 registered liquidators Australia wide who had accepted referrals from A&S or associated entities, “querying if those liquidators had identified the appointment of dummy directors and/or phoenix transactions”. According to Pitcher’s Lindsay Bainbridge, overwhelmingly the various liquidators did identify…

ASIC, Fees, INO Opinion, Liquidators, Regulation/Legislation 22 August 2018

Liquidator’s Levy could fuel phoenix phenomenon

It was late in 2016 when the Full Bench of the NSW Supreme Court of Appeal sat to hear why one of their own had, in his enthusiasm for applying the concept of proportionality to liquidator’s remuneration, charted a course described that day by the appellant’s counsel as “without juridical basis.” The appellant on that Wednesday in November was Cliff Sanderson, a registered liquidator. The legal…

Corporates, Deals & Departures, INO Opinion, Social/Professional 20 July 2018

PPB partnership payment facility frozen

With the dissolving of the PPB Advisory (PPBA) partnership imminent, rumours are that draw downs on the PPBA partnership’s loan facility are suspended as management sets about repaying the firm’s working capital facilities to PPBA’s bank, ANZ ahead of the August 1 deadline for the completion of PwC’s acquisition approaches. Several sources who spoke to INO confirmed hearing that distributions to partners had been frozen. One…

AFSA, Bankruptcy, INO Opinion, Regulation/Legislation 6 July 2018

Regulators continue jihad on practitioner compliance

COMMENT Presenting oneself as a fierce and tireless scrutiniser of insolvency practitioners is all the rage among the relevant regulators at the moment. The view among much of the bureaucracy seems to be that these highly qualified professionals cannot be trusted and only heavy regulatory shackles will prevent them from abusing their position to the detriment of all. It’s nonsense of course but regulation is…

INO Opinion, Social/Professional 4 July 2018

ASIC levy carries loan shark-level arrears rate

When the most senior officer responsible for the regulation of registered liquidators took to the podium at the Association of Independent Insolvency Practitioners (AIIP) inaugural conference last Friday afternoon, your correspondent was unable to detect any sign of inner turmoil, and to some that might’ve seemed odd. Thea Eszenyi after all is a registered liquidator herself according to the most recent list of practitioners published by…

lodgement

ASIC, INO Opinion, Liquidators, Regulation/Legislation, Social/Professional 15 June 2018

ASIC’s liquidator’s lodgement blitz uncovers not much

Well the results of ASIC’s published notices website and lodgement project’ have been collated and it appears that the vast majority of Australia’s 700 or so registered liquidators scarcely miss a beat when it comes to compliance. In ASIC works to ensure registered liquidators comply with obligations ASIC said the key finding was that: “Registered liquidators are mostly doing the right thing and lodging forms…

Deals & Departures, INO Opinion 30 May 2018

Dear readers, for some time this organ’s coverage has ventured beyond the geographical boundary implied by the word Sydney in the title Sydney Insolvency News. To reflect our national focus on the insolvency and restructuring professions we bring you our new masthead, Insolvency News Online (INO). We like to pronounce INO as “Eye Know” and like to think our readers know because they read INO….

Corporates, Deals & Departures, INO Opinion, Receivership 4 May 2018

Comment: PPB Advisory takeover – tip of the berg?

Now PwC’s takeover of PPB Advisory has been endorsed by PPBA’s partners, the market’s attention will inevitably shift to the remaining independents operating at the top end – KordaMentha, McGrathNicol, Ferrier Hodgson and FTI Consulting. Does a similar fate await those remaining? SiN’s mail is that McGrathNicol has already fielded informal expressions of interest. Executive chairman Peter Anderson however wasn’t giving anything away. “We continue to…

INO Opinion, Regulation/Legislation 20 October 2017

Tax boss V Liquidator – where’s ASIC?

The Tax Commissioner’s bid for a Federal Court inquiry into the conduct of liquidator David Iannuzzi is an eyebrow raiser for several reasons. Documents made public by the Federal Court reveal that the tax boss wants an inquiry; an order requiring the Veritas Advisory principal to pay compensation; and an order banning him from holding a liquidator’s registration for 10 years. As reported in SiN earlier this week…