Deloitte’s Sal Algeri. Deloitte’s Tim Norman. When a judge is told the Commonwealth Director of Public Prosecutions (CDPP) has no objections to an application for access to confidential transcripts and then learns that the application hasn’t been served on the CDPP, it’s a revelation certain to impede rather than hasten an applicant’s progress. So it turned out on Monday this week when lawyers for colourful…
Marcus Watters of Hall Chadwick. Hall Chadwick’s Richard Albarran. You would think that having convinced a court to declare a general security agreement (GSA) invalid and thereby ridding oneself of the receiver appointed pursuant to that GSA, that a director might be as it were, in the clear. Well not necessarily, and not in the case of Jin Resources (Aust) Pty Ltd (Jin) director Richard…
The late Murray Godfrey. Ex-liquidator David Iannuzzi. It’s almost three years since Federal Court judge Angus Stewart made orders cancelling the liquidator’s registration of David Nicholas Iannuzzi. Since that time the liquidators charged with undertaking the work that Iannuzzi didn’t have been investigating, gathering evidence, settling claims where they could and commencing proceedings where they couldn’t. Those claims now on foot, which involve actions in…
Deloitte’s David Mansfield. An Australian court has wound up an Australian company with operating subsidiaries offshore despite an 11th hour, expensive and likely futile bid for an adjournment brought on the basis that restructuring proceedings had been commenced in Singapore and the foreign subsidiaries needed only a short time to develop a proposal. Vietnam Industrial Investments (VII) is described as a holding company for subsidiaries…
Smith Hancock’sPeter Hillig. Smith Hancock’s Mike Smith. Receivers wondering about the best course to take in dealing with a surplus might, depending on their circumstances, take note of the recent experience of Smith Hancock’s Peter Hillig and Mike Smith. The pair were appointed receivers and managers of the J & Lee Property Group Trust by court order in August 2017, some seven months after the…
PwC’s Andrew Scott. O’Brien Palmer’s Liam Bailey. One has to wonder if Sydney lawyers Steve Polczynski and Dajana Malnersic have something against registered liquidator and trustee in bankruptcy Liam Bailey? The latter is an experienced practitioner, well founded in the skills necessary to act on either corporate or personal insolvency appointments. ” … on the applicant’s case, there is a surfeit of Trustees in relation…
SV Partners’ Fabian Micheletto. SV Partners’ Michael Carrafa. It’s one thing to allege that creditors of a bankrupt knowingly participated in a fraudulent settlement to deny others a share of the assets. It’s another thing to allege that the participants’ lawyers were in on it. That however is where things stand as SV Partners’ Michael Carrafa and Fabian Micheletto pursue claims for damages and equitable…
HoganSprowles partner Christian Sprowles. It can be ticklish being both receiver and liquidator of a corporate trustee and Christian Sprowles is one practitioner who knows all about it. The Hogan Sprowles‘ principal was appointed liquidator of CWCN Pty Ltd, the trustee of the CWCN Unit Trust on March 4, 2020. After discovering that although the company was assetless the underlying trust was anything but he…
Liquidator Gavin Moss. Photo: iNO Images Some external administrations seem genuinely cursed and given the tribulations experienced by Chifley Advisory boss Gavin Moss, the liquidation of Fogo Brazilia Franchise Holdings Pty Ltd (FBFH) would appear to be one of them. “I would nevertheless have been inclined to make a specified gross sum costs order, having regard to the impecuniosity of the plaintiffs, if the defendant…
KPMG’s Peter Gothard. KPMG partner James Dampney. Hell hath no fury like a director who believes his business has been sold to a rival at undervalue, unless it’s the rage felt by the administrators who conducted the sale when they’re summonsed for examination and served with notices to produce. Before either gives such frustration vent in hell however comes the purgatory of costs and in…