Liquidator David Iannuzzi. In agreeing to be struck off the list of registered liquidators and banned from either reapplying for re-registration or working in the insolvency sector for 10 years, Veritas Advisory principal David Iannuzzi has done all he can. The rest is up to Federal Court judge Angus Stewart, who on Wednesday reserved judgment in regards to consent orders jointly proposed by Iannuzzi’s and…
Pilot Partners’ Ann Fordyce. Pilot Partners’ Nigel Markey. Almost 20 years have passed since the failure of accountancy aggregator Harts Australasia but shock waves from Steven Hart’s hubristic venture onto the ASX persist and most recently it’s Pilot Partners’ Nigel Markey and Anne Fordyce inadvertently swept up with a court ruling their appointment as receivers of a Hart-related entity was invalid. The pair were appointed…
Jirsch Sutherland partner Trent Devine. Jirsch Sutherland managing partner Bradd Morelli. The liquidators of FW Projects will be feeling mighty relieved after a judge yesterday threw out an application seeking to replace the Jirsch Sutherland duo on the basis of bias. In dismissing the application of builder Hindmarsh Construction Australia (HCA) NSW Supreme Court Judge Ashley Black found In the matter of FW Projects Pty…
Hall Chadwick’s Blair Pleash. Hall Chadwick’s Richard Albarran. As can be seen from the latest judgment in the Equititrust saga, it can be tough to make the case that litigation funding benefits anyone other than the lawyers, the insolvency practitioners and the funder when creditors collect zeros. That of course is not to suggest litigation funding has no place. Far from it. In unfunded insolvencies…
McGrathNicol Partner Kathy Sozou. Image McGrathNicol. Arguments about who should administer the liquidation of FW Projects Pty Ltd concluded yesterday and it appears that McGrathNicol is front runner to replace Jirsch Sutherland should NSW Supreme Court Justice Ashley Black favour the plaintiff in this costly imbroglio. Last week INO reported that SV Partners’ Ian Purchas had provided the plaintiff, Hindmarsh Construction Australia (HCA), with a consent to…
Liquidator Peter Macks. The corporate regulator and liquidator Peter Macks continue to skirmish ahead of a long delayed judicial inquiry into Macks’ conduct on liquidations commenced more than a decade ago. In the latest confrontation, a South Australian Supreme Court judge has refused ASIC’s bid to expand the scope of the proposed inquiry whilst simultaneously denying Macks’ application for a permanent stay. The detail is…
BPS Recovery’s Mitchell Ball. BPS Recovery’s Mitchell Ball has dodged a bullet after forgery allegations raised doubts about the validity of his appointment in August 2013 as liquidator of Bluemine Pty Ltd. In the NSW Supreme Court yesterday INO listened with mounting interest as the court heard that a former director of Bluemine – one Gino Cassiniti – wanted to withdraw previous admissions he’d made…
Liquidator John Sheahan. Federal Court Judge Tony Besanko has detonated the judicial equivalent of small nuclear device in the vicinity of Ian Lock and John Sheahan, ruling the pair must repay 30 per cent of almost $5.8 million in fees that they’ve been paid as administrators and liquidators of the Cedenco JV Australia Group. In determining the quantum of the reduction – first flagged in…
JUSTKapital founder Phil Kapp. The saga of former Corrs partner and JUSTKapital co-founder Philip Kapp does not stop with the latest instalment featuring a fight over the proceeds of sale of a holiday house. Kapp has already battled aggressive cancer with a blitzkrieg of experimental and expensive treatments; fallen out with the partners in his litigation funding venture and declared bankruptcy following a relentless pursuit by the…
BRI Ferrier’s Andrew Cummins. PKFs’ Trent Hancock. You have to admire the nerve of a director who demands a special purpose liquidator (SPL) stump up $150,000 in security for costs ahead of proceedings brought by the SPL against the director for allegedly stripping his company of assets before executing a phoenix. Such nerve however is on display In the matter of 77738930144 Pty Limited (in…