BPS Recovery’s Dave Sampson. KPMG’s Max Donnelly. Bungling by the Australian Financial Security Authority (AFSA) has forced two bankruptcy trustees to court in a bid to restore estates to their rightful appointees. Later today the Federal Court will hear an application by KPMG bankruptcy veteran Max Donnelly for declarations that he is the trustee in bankruptcy of the estate of Jason Maurie Nowytarger but not…
Deloitte partner David Lombe. FEG Active Creditor Recovery Unit Director Henry Carr. Documents filed in the Federal Court last week show that the FEG “Active Creditor” Recovery Unit has not missed the opportunity to remind the voluntary administrators (VAs) of Probuild of the need for candour when applying to courts to extend convening periods and personal liability protections. The Deloitte foursome appointed as VAs of…
Deloitte’s Sal Algeri. The challenges of identifying assets and liabilities of Probuild would have been apparent to the four Deloitte partners appointed voluntary administrators (VAs) of the stricken builder last month very early on. They or their staff have undertaken engagements of various sorts for Probuild entities going back more than two years and in the week prior to their formal appointment they met with…
Banton Group CEO Amanda Banton. KPMG’s Martin Jones. If the Federal Government wanted a recent example of why the litigation funding industry should submit to the regulatory cosh as is envisaged in the Government’s Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021 then it might like to look at the latest update for creditors of the Forge Pooled Group (FPG). “The fact that…
KPMG’s Martin Jones. With wounds still agape after the whuppin’ meted out by West Australian Supreme Court judge Kenneth Martin on December 1, one wonders what fresh hiding to nothing ASIC is on as it seeks to have three insolvency practitioners from KPMG punted as the administrators of Salt Lake Potash Limited (SLPL). At a hearing in The West Australian Supreme Court this week SLPL…
BCR Advisory’s John Morgan. Sydney liquidator John Morgan copped the treatment in the Federal Court witness box yesterday as a three day hearing kicked off to determine if a company he de-registered more than three years ago should be reinstated. If Morgan’s application succeeds and the BCR Advisory principal is also rewarded with the pooling order he seeks then FEG Recoveries will bankroll the commencement…
Liquidator Moira Carter. When your funder is the major creditor by an insurmountable majority and wants you to use its preferred lawfirm, well, what’re you going to do? Particularly when your funder is that model of decorum in litigation, the Commonwealth. For one North Queensland liquidator, this scenario has armed enemies who are not only seeking to remove her but also want the Commonwealth’s proof…
Justice Michael Lee. When a judge describes lawyers fee estimates as “massively excessive” you have to wonder why such a wrecking ball descriptor is prefaced with the phrase “with respect”? Condemnation of legal fees reeking of avaricious opportunism however is not an issue from which Federal Court judge Michael Lee shies away. “I don’t want there to be wheel spinning correspondence between solicitors.” Justice Michael…
Hogan Sprowles partner Brendan Copeland. Fish rotting under floorboards, anti-vacaters, rivals threatening to scrutinise your fees and freezing orders impeding progress – as liquidator and receiver of Fellmane Pty Ltd Brendan Copeland has earned his fees. Certainly NSW Supreme Court judge Ashley Black thought so when on Monday he found no reason to block or discount the Hogan Sprowles partner’s claim for $263,000 in remuneration,…
KPMG partner Stephen Vaughan. KPMG Partner Ian Hall. The interim divvie’s distributed, it’s twin awaits only delivery of a judgment reserved and now an application for remuneration – brought by BBY Limited’s liquidators Stephen Vaughan and Ian Hall in 2017 and adjourned in 2018 – has at last come to pass. “The total value of the assets (CSAs and recoveries) for which the liquidators have…