O’Brien Palmer’s Liam Bailey. Hall Chadwick’s John Shanahan. When you’re on a bad thing abort is the message that one Sydney trustee didn’t get soon enough to prevent the unnecessary enrichment of lawyers. The trustee, after refusing to accede to the wishes of the majority debt holder by resigning, marshalled his defences when the dominant creditor commenced proceedings to have him removed. As valid as…
Hartwell Funds’ Aaron McDonald. Hartwell Funds’ co-owner John Poynton. Having recently broken the news that liquidator Neil Cussen was departing the Sussex Street Sydney offices of Cor Cordis ahead of a planned foray into litigation funding, iNO this week received a call from West Australian legal entrepreneur Aaron McDonald, eager to let us know that he too was active in the dispute financing arena. “The…
Hamilton Murphy partner Trent Hancock. Liquidators with no funding will be relieved to learn that entering into a contract to assign a chose in action is not invalidated simply because it’s the assignee applying for court approval rather than the liquidator. The question came before NSW Supreme Court Corporations judge Ashley Black yesterday after two parties turned up seeking leave to be heard in opposition…
SV Partners’ David Stimpson. We hope David Stimpson felt some relief this week when the Queensland Court of Appeal delivered judgment in the matter of Allied Rural Pty Ltd v Stimpson [2023] QCA 77. The SV Partners executive director deserves closure after being drawn into a ghastly dispute between rival members of Allied Rural which saw Stimpson appointed administrator by the then sole director on…
PKF’s Mark Roufeil. PKF’s Brad Tonks. Being accustomed to “scurrilous”, the description of iNO’s output as “analytical” was sure to rouse your correspondent from his usual aspect, slouched in the corner of court room 8C during the weekly hearing of the NSW Supreme Court’s corporations list. This is particularly so when the individual using the more complimentary term is the Corporations List judge, and so…
BRI Ferrier partner Peter Krejci. “Transcript! I must have transcript,” the appeals court president might well have thundered. When appellant court judges are delivered a white book unfit for a dog’s breakfast and receive material in their chambers on the morning of the hearing that hasn’t been served on the respondent well, tempest can be reliably forecast. And inevitably in such circumstances, a bench’s collective…
PKF’s Brad Tonks. FEG Active Creditor Recovery Unit Director Henry Carr. There would have been only measured satisfaction in the offices of PKF partner Brad Tonks and his lawyers at O’Neill Partners after the NSW Supreme Court yesterday delivered them a potentially significant victory against the Commonwealth’s FEG Recovery Division in respect of the dreaded interplay of sections 556 and 561 of the Corporations Act…
Lawyer Ben Sewell stared down ASIC to clinch restricted ticket. They say there is more than one way to skin a cat, though having limited familiarity with the skinning game iNO cannot vouch for the veracity of this disturbing adage. We can however see the maxim at work in the case of a recent registration of a Sydney lawyer as a liquidator. The mail crossing…
Ex-liquidator David Iannuzzi. Commencing proceedings years after the deadline for such actions has expired is in for a test as the long running battle between the Commissioner of Taxation (CoT) and clients and interests associated with the notorious Banq Accountants & Advisors group flares again. The latest outbreak involves an appeal in the Federal Court by various beneficiaries of the Banq tax evasion scheme against…
Hall Chadwick’s Richard Lawrence. KordaMentha’s Richard Tucker. It might be thought wise to never let someone who’s after your job address those who’ve assembled to decide your fate, but Richard Lawrence risked it yesterday when he temporarily vacated the chairman’s seat at the first meeting of creditors of Balmaine Gold Pty Ltd. The partner from the Hall Chadwick Melbourne practice made the decision some two…