Trustee in Bankruptcy Andrew Aravanis. Trustee in Bankruptcy Alexander Clark. The most likely outcome flowing from this week’s court ruling in the bitter fight between the trustees of bankrupt ex-Corr’s partner Phil Kapp and his wife Maryann is likely to be an appeal. “Although the bankruptcy trustees have had some success they have failed on most of their claims. Federal Court Judge Nye Perram. On…
FTI Consulting’s John Park. LMIM receiver David Whyte. FTI Consulting’s John Park is not helping former BDO Partner David Whyte walk away from insolvency without a care, not when there’s a fight over $5 million in adverse costs still to be had. Despite retiring in 2021 Whyte is still in the thick of it in respect of at least one appointment thanks to Park and…
Dye & Co’s Hamish MacKinnon. Dye & Co’s Nicholas Giasoumi. Issuing demands for payment of claims unproven at the time the demands are issued might well be a common practice but Federal Court judge David O’Callaghan has placed it on the endangered list. In his decision in Gadsden v MacKinnon (Liquidator), in the matter of Allibi Pty Ltd (in liq) [2023] FCA 647 Justice O’Callaghan…
Balance Insolvency principal Tim Cook. An abundance of caution. If ever there was a phrase that gets an airing in most if not all court applications it would be this, at least when those applications involve an insolvency practitioner seeking fee approval for work performed as both liquidator of a corporate trustee and receiver of the associated trust assets. The reason for the phrase’s frequency…
BDO partner Shaun McKinnon. Thomson Geer partner Scott Guthrie. Getting a straight answer about DoCA funding can be tougher than shelling an uncooked prawn, as lawyer Scott Guthrie can attest. When the Thomson Geer partner appeared at the second meeting of creditors of stalled aquaculture play Project Sea Dragon Pty Ltd (PSDPL) Guthrie had one overriding concern – if the company was returned to the…
Hamilton Murphy’s Stephen Dixon. Who’d be a landlord? That’s the question that came to mind as iNO read about Centuria Property Funds No 2 Limited (CCPF) in its battle with a tenant who didn’t pay which then became a battle with the insolvency practitioner appointed the day after the tenant failed to comply with a court ordered deadline for payment to CCPF of $1,037,289.31c. “Regardless…
Deloitte Partner David Orr. The four Deloitte partners charged with shepherding the Probuild Group Deed of Company Arrangement (DoCA) to effectuation had some unpleasant news for creditors last week. In a circular dated June 1, lead deed administrator David Orr advised that one creditor – Destination Brisbane Consortium (DBC) – had filed an application in the Supreme Court of Queensland on March 31 seeking to…
BPS Resolved’s Dave Sampson. Mackay Goodwin’s David Hurst. Dave Sampson and David Hurst have copped a spray in a judgement as a frustrated lender seeks discovery from the pair in their capacities as receivers of development property at Castle Hill owned by Cecil Developments Pty Ltd (Cecil). In Globe Capital Administration Pty Ltd v Cecil Developments Pty Ltd atf the Cecil Developments Unit Trust (Receivers…
Olvera Advisors’ Kate Barnet. Olvera Advisors’ Damien Hodgkinson. The NSW Supreme Court of Appeal has overturned a decision that favoured the Commonwealth over a secured creditor in a dispute over which them was entitled to almost $2 million in Research & Development (R&D) tax refunds. In the primary decision delivered in March last year, NSW Supreme Court judge Ashley Black found that the refunds constituted…
FEG Active Creditor Recovery Unit Director Henry Carr. As iNO reported recently, Commonwealth FEG recovery Czar Henry Carr doesn’t like losing which is why it’s no surprise to learn that the taxpayer-backed Active Creditor Unit has filed a notice of intention to appeal in respect of the decision In the matter of BCA National Training Group Pty Ltd (in liq) [2023] NSWSC 366. The notice…