Whatever you do, don’t call Ferrier Hodgson’s Peter Gothard the Special Purpose Administrator (SPA) of Ten Network Holdings (TNH). The incumbent’s having none of it. “Peter Gothard is not appointed as an administrator,” Mark Korda said yesterday. “He has been appointed by order of the court to look at whether Gilbert + Tobin and by extension us, KordaMentha, may have been paid a preference. That’s all.” So what should we call…
An excellent example of the complexities involved in tying up profuse loose ends is usually to be found whenever a liquidator retires, dies, is struck off or, in the case of Adelaide practitioner Rob Naudi, leaves one firm for another. Naudi had been firmly ensconced at PPB Advisory until the top tier decided it couldn’t make a buck in the Hermit State of Comrade Jay and upped stumps….
In the wake of KordaMentha’s application to appoint a special purpose administrator (SPL) to Ten Network Holdings, correspondence obtained by SiN reveals the pressure placed upon the top tier insolvency and restructuring firm by both the corporate regulator and the Australian Restructuring, Insolvency and Turnaround Association (ARITA). In a letter released by the Federal Court, ARITA chief executive officer John Winter urged Ten’s voluntary administrators (VAs) to…
There’s nothing like receivers whose retirement from an appointment is only partial to add frisson to the lives of voluntary administrators facing a credit crunch. In the matter of North Queensland Heavy Haulage Services Pty Ltd (Administrators Appointed) [2017] Federal Court Judge Brigitte Markovic articulates a fundamentally sympathetic view of the plight of McGrathNicol trio Keith Crawford, Bill Harris and Anthony Connelly. The three came before…
Well this might propel skyward even the most obese of eyebrows. In a judgment delivered in April this year but updated yesterday NSW Supreme Court judge Ashley Black recounts the curious tale whereby SV Partners’ Daniel Quinn and Darren Vardy took charge – albeit briefly – as voluntary administrators (VAs) of Hunter Valley-based Dan Phillips Holdings Pty Ltd. Their appointment came just as a wind…
RSM’s Peter Marsden and Richard Stone have avoided having their remuneration on the Cardinal Project Services administration inducted into the cult of proportionality after one of the concept’s most ardent advocates dismissed a creditor’s application for a fee review. In his judgment of July 12, 2017 Justice Paul Brereton outlined how since their appointment – initially as voluntary administrators (VAs) in 2011 – the RSM…
A bid by Deloitte pair David Lombe and Robert Woods to transfer their stoush with solar cell installer Massive Solar (MS) from Sydney to Melbourne has failed after a judge concluded that “the interests of justice require that the proceedings continue in this Court.” Lombe and Woods were appointed liquidator to Inverter Solar (IS) by order of the Supreme Court of Victoria on July 13, 2016….
A spat over an appointment has been laid bare in convenient detail after the Deputy Commissioner of Taxation (DCoT) applied to the Federal Court to have ex-Vincents partner Peter Dinoris appointed liquidator of W.D. Hall Pty Ltd in place of incumbent voluntary administrator (VA), Paul Nogueira of Worrells. Freshly minted Federal Court judge Roger Derrington explained in Deputy Commissioner of Taxation, in the matter of W.D. Hall Pty Ltd v…
Henry Kazar received a less than ideal send off to the financial year thanks to Justice John Griffiths, who on June 30 decided that the EY partner’s claim for $64,390.50 was coming it a trifle high given Kazar and his team laboured for years to engineer a land sale that raised all of fifty grand. Kazar applied to the Federal Court in April of this year to have…
If avoiding an acrimonious trial involving serious allegations of impropriety can be categorised as a good result then PPB Advisory’s Ian Carson and Craig Crosby have engineered such after the Supreme Court of Victoria endorsed a deed of settlement between the pair as Willmott Forests‘ liquidators and the company’s responsible entity, Primary Securities. In the recent judgment of Justice James Judd in Primary Securities Ltd v Willmott Forests…