Vincents Director Henry McKenna. After listening to a part of the appeal in the mater of Alora Property Group Pty Ltd (APG) v Henry McKenna, iNO can report that Vincents director McKenna is unlikely to be losing any sleep. Based on the reception the appellant’s counsel received from the three appeals court judges in the initial stages of the application yesterday, there would seem 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…
Hamilton Murphy’s Richard Rohrt. Those who knew about it were no doubt relieved when a court recently refused to pave the way for disgruntled shareholders to pursue liquidators for compensation without a court-ordered inquiry having first found adverse conduct. The decision of the Victorian Supreme Court of Appeal was delivered on May 10 in the matter of Djordjevich v Rohrt [2022] VSCA 84 and of…
Sydney liquidator Greg Parker has suffered another blow in his ongoing stoush with the former directors of Worldwide Specialty Property Services (WSPS) as he defends allegations of negligence and claims for damages. As explained in Lee v Parker (No 2) [2022] FCA 582 Parker last week lost his bid to force the ex-directors to stump up more than $500,000 in security for costs. The Clarence…
PKF’s Petr Vrsecky. PKF partner Glenn Franklin. There was much hyperventilating last week after delivery of judgment in the matter of Intellicomms Pty Ltd (in liq) [2022] VSC 228 which record the first application of new laws aimed at combatting illegal phoenix activity. While it’s early days and the judgment could be overturned on appeal, few of the breathless commentators who explored this inaugural application…
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…
Liquidator Gavin Moss. Photo: iNO Images A recent decision out of the NSW Supreme Court shows how liquidators using the same lawyer who acts for creditors or the liquidator’s funder can quell conflict concerns. In this case Chifley Advisory principal Gavin Moss had to defend himself from allegations of multiple conflict-related breaches of duty by Ian Dresner, the director of churrasco operator Fogo Brazilia Holdings…
EY’s Sam Freeman. EY’s Colby O’Brien. Remember the stick those administrators appointed to Pindan Group last year copped after it was revealed – by iNO – the extent of the relationships the VAs’ firm EY has with Pindan, its immediate owner Oxley Sparkle and ultimate parent, Oxley Holdings Limited? Plenty was how much and plenty of iNO readers thought that their being able to continue…
H&H Advisory principal Shahin Hussain. A recent decision in the Supreme Court of Victoria has highlighted how vulnerable to challenge can be the validity of a receivership appointment. The details are contained in Ozkar Pty Ltd v Ed’s Foods Pty Ltd & Anor [2022] VSC 207 which saw Ozkar Pty Ltd obtain orders restraining H&H Advisory principal Shahin Hussain from disbursing funds from the proceeds…