Deloitte’s Sal Algeri. Deloitte’s Robert Woods. When aspiring developers offer units in a trust in exchange for funds from investors, and those investors then sell units in their own sub trusts to less sophisticated sub-investors, it can present any external administrators who might subsequently be appointed with quite the conundrum. “That being said, this proposed distribution method also appropriately and fairly allows for trade creditors…
Mackay Goodwin principal Domenic Calabretta. Image courtesy Mackay Goodwin. The moral of this story might be that no matter how much you doubt that a person can’t comply with an obligation due to illness, you’re going to struggle to persuade a judge to agree with you. “There was no expert evidence about the state of COVID infections and medical advice in South Australia and New…
Mackay Goodwin director Dave Hurst. When a liquidator’s relying on Assetless Administration funding (AAF), iNO always salts with skepticism any criticism of how that liquidator has conducted litigation the regulator’s funded. After all, if ASIC can find a way to make a liquidator’s life difficult, it will. That does not of course mean it is ASIC’s fault that in the case of Lloyds Curry Shop…
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…
KPMG’s Matthew Woods. It must be some relief to liquidators to know that they can overlook notifying an insolvent company’s directors about applying to extend the three-year legal deadline to bring preference actions and there’s no blowback. Well, not for the liquidators at least. “The plaintiffs concede the directors should have been notified of the original application. They accept it was an oversight on their…
Hogan Sprowles partner Michael Hogan. HoganSprowles partner Christian Sprowles. It’s taken them more than one attempt but the liquidators of failed education provider Cornerstone Investment Aust Pty Ltd (Cornerstone) are finally dealing from a competitive position if not one of outright strength in their pursuit of PwC. ” …. these documents disclose the confidential agreement reached between the plaintiffs and the Department, as well as…
PwC’s Andrew Scott. O’Brien Palmer’s Liam Bailey. One has to wonder if Sydney lawyers Steve Polczynski and Dajana Malnersic have something against registered liquidator and trustee in bankruptcy Liam Bailey? The latter is an experienced practitioner, well founded in the skills necessary to act on either corporate or personal insolvency appointments. ” … on the applicant’s case, there is a surfeit of Trustees in relation…
SV Partners’ Fabian Micheletto. SV Partners’ Michael Carrafa. It’s one thing to allege that creditors of a bankrupt knowingly participated in a fraudulent settlement to deny others a share of the assets. It’s another thing to allege that the participants’ lawyers were in on it. That however is where things stand as SV Partners’ Michael Carrafa and Fabian Micheletto pursue claims for damages and equitable…
Oracle Insolvency’s Dominic Cantone. Oracle Insolvency’s Nick Cooper. There will be expressions of wrath, gnashing of teeth and beheading of slaves in the corridors of insurers this week after a judge ruled that two liquidators ordered to personally pay cost orders without recourse should be covered by their professional indemnity policies. “On 22 December 2020, CGU formally declined to indemnify Messrs Cantone and Cooper.” Justice…
Condon Associate’s Schon Condon. Appointees dealing with creditors asserting a statutory debt based on the Building and Construction Industry Security of Payment Act 1999 (NSW) (the SOP Act) can breath easier following the delivery of reasons this week In the matter of Nicolas Criniti Pty Ltd (in Liquidation) [2022] NSWSC 1149. In this case a builder commenced the process for the hearing of an adjudication…