Sean Wengel of William Buck NSW. When a court orders receivers’ fees be capped at $30,000 and they subsequently bill for $200,000, you know something somewhere has gone way way wrong. In the matter of Shanmugathaas & Anor v Paramanirupan & Ors [2019] NSWSC 1219 we may be seeing another example of how the new powers bestowed upon creditors by ILRA 2016 will sometimes generate…
Chifley Advisory’s Gavin Moss When an insolvency practitioner accepts an appointment as voluntary administrator (VA) less than 24 hours before a winding up application is due to be heard, a casual observer might wonder what’s afoot. Yesterday iNO was moved to ponder just such whilst reading In the matter of Edifice Australia Pty Limited [2019] NSWSC 1215. Chifley Advisory’s Gavin Moss is the practitioner concerned…
KPMG’s Phil Quinlan KPMG’s Morgan Kelly. An application for the issue of a “Letter of Request” to the High Court of New Zealand (NZHC) has been ruled “premature” due to the application being ex-parte, but the liquidators of online broker Halifax Investment Services PtyLtd (Halifax) are almost certain to reapply given the unbridled intermingling of client and company funds across Halifax’s Australian and Kiwi operations….
Grant Thornton CEO Greg Keith. Grant Thornton’s Paul Billingham. The roll of registered liquidators – currently standing at 653 – is losing a pair of veterans in the form of Grant Thornton’s Greg Keith and Paul Billingham, both of whom are planning to persist in professional life without the benefit or the burden of a license to liquidate. While the pair’s intentions have been no…
Pitcher Partners’ Bryan Hughes. Auxilium Partners’ Bob Jacobs. Over in West Australia there’s been an interesting development in the stoush between the current and former receivers of Pluton Resources over the status of, and entitlement to, so-called residual funds. In Robert Allan Jacobs as Receiver and Manager of Pluton Resources Ltd (Receiver and Manager Appointed) (In Liq) -v- Hughes [2018] WASC 414 (9 August 2019)…
Balance Insolvency principal Tim Cook. An appeal against a judgment that went the way of FTI Consulting’s John Park and Kelly-Anne Trenfield kicked off in the Federal Court yesterday and there’s plenty to ponder as it pertains to Citadel Finance Corporation (CFC) and its labour hire subsidiary Action Scaffolding & Rigging Pty Limited (AS&R). A financier of its own operating entities, CFC is the appellant…
Deloitte’s David Mansfield. Proceedings to set aside the winding up of a Dyldam group company buckling under onerous obligations and weakening property prices have highlighted the different way judges and liquidators sometimes see solvency. In the matter of Rainbow Carlingford One Pty Limited (in liquidation) (ACN 604 122 054) [2019] NSWSC 971 the financial analysis of Deloitte’s David Mansfield was submitted in favour of an…
BBY liquidator Stephen Vaughan. The brain-contorting complexity of the BBY Limited liquidation is back on display after liquidators Stephen Vaughan and Ian Hall sought to retreat to a simpler regime for the recovery of costs. The simpler regime was first put in place in 2015 by Justice Paul Brereton, who has since fled to the Court of Appeal. At the time the regime was seen…
Helm Advisory’s Stephen Hathway. Veritas Advisory principal David Iannuzzi. When it rains it pours the saying goes and it’s certainly bucketing down in the vicinity of David Nicholas Iannuzzi. As reported previously, the embattled insolvency practitioner is awaiting a judge’s ruling on orders which could see his registration as a liquidator cancelled. Those orders – to which Iannuzzi has consented – also allow for the…
$400k in funding. KPMG’s Glenn Livingstone. KPMG’s Glenn Livingstone has snatched a liquidation from a voluntary administrator (VA) after a court refused to adjourn a hearing of an application to wind up special purpose property developer Cresco Opus Fund No. 4 Pty Ltd (Cresco 4). Cresco 4 was set up to develop the Ellsworth residential development at Turramurra. Despite making a stonking profit – the…