Liquidations

FEG fought the law and the law won

PKF’s Brad Tonks. There must have been much gleeful rubbing of hands yesterday after the NSW Supreme Court of Appeal exorcised the FEG demon in respect of whether a priority creditor’s claim to circulating assets ranks ahead of a liquidator’s claim for remuneration. “The central question before the primary judge and on appeal was whether s 561 of the Act applies and, if so, whether…

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VAs ousted after backing doubtful DoCA

Mackay Goodwin principal Domenic Calabretta. Mackay Goodwin director Edwin Narayan. Two Sydney practitioners who tried to stall a winding up so they could put a DoCA proposal to creditors have lost the application and the gig after a court refused to adjourn the hearing and sided with the petitioning creditor’s preferred nominee as liquidator. The bid for an adjournment in the matter of The Deputy…