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Corporates, Fees, Lawyers, Liquidations, Liquidators, Litigation Funding 8 September 2021

Forum funding agreement gave Westpac too much say

McGrathNicol chairman Jason Preston. McGrathNicol partner Jason Ireland. Federal Court judge Michael Lee wasn’t going to let a funding agreement between Westpac and Forum Finance Group’s liquidators pass without comment when the draft deed came before his honour last Friday. The agreement, which will enable liquidators Jason Preston, Jason Ireland and Kathy Sozou of McGrathNicol to pay their remuneration and expenses, contained two elements upon…

Corporates, Costs, Directors, Judgment, Lawyers, Liquidations, Liquidators 8 September 2021

Liquidator to pay costs despite “appropriate” defence

There’s one liquidator who must have been overjoyed last week to learn that his defence of an application to review his admittance of a proof of debt, whilst unsuccessful, was reasonable and appropriate. Being reasonable and appropriate is great to have in the bank, even if the validation is soured by orders to pay the costs of the applicant who’s challenge to your admittance of…

Conflict, Creditors, Lawyers, Liquidations, Liquidators, Litigation 3 September 2021

Jirsch duo may shake SPL scrutiny as lender blinks

Threats of special purpose scrutiny might shortly be lifted from the shoulders of Jirsch Sutherland partners Bradd Morelli and Trent Devine after one of the players in the hotly disputed FW Projects Pty Ltd liquidation blinked. Manassen Holdings, the investment arm of wealthy food importer Roy Manassen and wife Cynthia last month wrote to lawyers representing the IGA-affiliated Karellas family. In that correspondence, details of…

ATO, Conduct, Directors, Lawyers, Liquidations, Liquidators 1 September 2021

Plutus liquidators’ suppression bid unravels

Deloitte’s Sal Algeri. Deloitte’s Tim Norman. “At the moment it seems to me that this application has descended into chaos” the judge said, and at that point the inexpertly tailored bid for suppression orders in the matter of Plutus Payroll came apart like a cheap suit. It was yesterday morning in the court of Justice Ashley Black, and an application was being brought by lawyers…

Creditors, Judgment, Lawyers, Liquidators, Litigation, SPL 6 August 2021

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…

Creditors, Lawyers, Litigation, VA's & DoCA's 30 July 2021

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…

Costs, Directors, Judgment, Lawyers, Liquidations, Social/Professional, VA's & DoCA's 21 July 2021

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…

Corporates, Directors, Fees, iNO Priority, Lawyers, Liquidators 14 July 2021

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…

Corporates, Lawyers, Referrers, VA's & DoCA's 2 June 2021

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…

Conflict, Creditors, Directors, Lawyers, Liquidations, Liquidators, Litigation, Litigation Funding, Public Examinations, Referrers 26 May 2021

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…