Lawyers

Jirsch pair endure as SPL bid resurrected

Jirsch Sutherland partners Bradd Morelli and Trent Devine are for the second time in two years facing the possibility of being sidelined by a special purpose liquidator (SPL) in respect of the liquidation of developer FW Projects Pty Ltd. The first time creditors took aim at the Jirsch pair, who were appointed general purpose liquidators (GPLs) of FW Projects back in April 2019, an application…


DAs attacked but don’t mention the settlement

Aston Chace’s Vincent Pirina. Aston Chace co-founder Steve Naidenov. Sometimes it doesn’t matter how well an insolvency practitioner does his or her job. If a creditor wants them out, they’ll find something in an appointee’s conduct to utilise as a basis to attack. Like a settlement that appears generous. In the case of Aston Chace partners Vincent Pirina and Steve Naidenov, the deed administrators of…


VA’s professional skepticism AWOL on adjournment bid

Grant Thornton’s Phil Campbell-Wilson. On the Sabbath the director gaveth, and on the Monday a judge tooketh away, though not before querying what he perceived as a lack of “professional skepticism” exhibited by one of Grant Thornton’s top insolvency and restructuring partners. The occasion was an application to adjourn a winding up hearing launched by the very recently appointed voluntary administrators (VAs) of Ming Tian…


Low ball partner rate not enough to win Forum gig

McGrathNicol chairman Jason Preston. McGrathNicol partner Jason Ireland. It’s likely to be one of the highest profile appointments of 2021 so it was no surprise that when Westpac approached the Federal Court last week seeking to have provisional liquidators appointed to Forum Finance Pty Limited (Forum), Justice Michael Lee found himself presented with aspiring appointees from two of Australia’s most prominent insolvency firms. Westpac wanted…


VAs eleventh hour bid to adjourn too long a shot

Accepting an appointment as a voluntary administrator (VA) late on a Friday knowing you’ll have to apply to adjourn a winding up application being heard the following Monday might be considered more than usually ambitious. Jirsch Sutherland’s Trent Devine, Bradd Morelli and Andrew Spring however had good reason to feel confident last week when they agreed to take on ASX-listed plastics-to-fuels developer Integrated Green Energy…


Bondi InJunction as liquidator resists removal

Liquidator Gavin Moss. Photo: iNO Images The hot sauce of cross examination was in full-flavoured evidence yesterday as iNO took another bite of proceedings in FOGO Brazilia Franchise Holdings Pty Ltd (FBFH). FBFH director, Rebel Sports co-founder and plaintiff Ian Dresner is seeking an inquiry into Chifley Advisory’s Gavin Moss, allegedly for demonstrating a lack of independence and misleading the court. Dresner also wants an…


On assignments and proper execution

Guest Article by JT Johnson, Frederick Jordan Chambers On 12 May, 2021 iNO reported in “AFSA’s “Ignorant Bureaucracy” Excoriated” comments made in Woodgate in his capacity as Deed Administrator of Onezone Pty Limited (subject to Deed of Company Arrangement) v Brown [2021] NSWSC 508, a judgment of the NSW Supreme Court. In reviewing the judgement referred to above it appears clear that the relevant judge…


$45k per month to store HIH records

McGrathNicol’s Jason Preston. McGrathNicol’s Kathy Sozou. McGrathNicol’s Jason Preston is drawing excruciatingly close to concluding the two decades long winding up of the HIH insurance group and as has emerged this week, the end can’t come soon enough with hefty administration costs termiting what funds remain. “We have obtained orders to allow the destruction of the records 90 days after deregistration of the head company…


Insurer funds IP’s legals in defence and cross claim

BRI Ferrier’s David Coyne. It’s not every day a liquidator gets their legal expenses for both the defence of a claim and pursuit of a cross-claim paid for by the applicant and respondent on the other side of the dispute, but BRI Ferrier Victoria boss David Coyne currently occupies this happy place, courtesy of QBE. The uncommon state of affairs came to iNO’s attention whilst…


Liquidator eyes $800k, receivers eye conduct inquiry

PwC’s Andrew Scott. KordaMentha partner Kate Conneely. PwC’s Andy Scott is looking at this point the only obvious winner among the parties scrimmaging over a $2.28 million pot of excess cash Scott has generated in his role as liquidator of Parkway One Pty Ltd and receiver manager of the Parkway One Unit Trust. The other parties – those asserting to be lenders with secured interests…