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…
KPMG’s Glenn Livingstone. Kroll Restructuring’s Steve Parbery. Any liquidator needing to know how to maintain and extend the life of a writ whilst he or she spends precious months fruitlessly searching for a sympathetic litigation funder could do worse than taking a peep at Jabiru Satellite Ltd v Societe Generale [2021] VSC 544 (2 September 2021). Whilst the search for a litigation funder in this…
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…
Cor Cordis partner Jeremy Nipps. Cor Cordis partner Barry Wight. Cor Cordis partners Barry Wight and Jeremy Nipps have taken great care to read the tea leaves in respect of their recent application to the court for orders appointing Mark Korda and Rahul Goyal as receiver/managers of Elite Opera Holdings Pty Ltd (EOH). The pair could have applied to have themselves appointed as receivers to…
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…
Morton + Lee Insolvency’s Gavin Morton. There must always be a little more spice attaching to a public examination for both liquidator and examinee when the latter was the former’s referrer. A little more relish too perhaps. Following receipt of the summons to appear the referrer may well have thought: ‘Well don’t expect any more work from us old bean’, or words to that effect….
Rodgers Reidy director Geoff Reidy. Geoff Reidy must’ve near drowned earlier this month, engulfed by a wave of satisfaction after winning an order for indemnity costs against a disgruntled director who’d sought to portray the Rodgers Reidy principal in terms not entirely favourable. The smear attempt failed of course, crashing impotently against the seawall of logic personified by NSW Supreme Court chief justice in equity…
McGrathNicol’s Jonathan Henry McGrathNicol Partner Kathy Sozou. When liquidators accidentally pay themselves remuneration from trust assets for work unrelated to the recovery and preservation of those trust assets then a reckoning is nigh. For McGrathNicol duo Jonathan Henry and Kathy Sozou, that reckoning took the form of an application in the NSW Supreme Court recently for retrospective approval of a sum of remuneration – substantially…
The Sivaa Consulting insolvency statistics compilation for FY to June 30 2021 is out and as can be expected, it was far from an ordinary or provident year for insolvency practitioners, who can only hope that the metrics contained within also represent the very nadir of the profession’s annus horribilis? Of all the numbers crunched and totals arrived at, nothing better illustrates how the measures…
McGrathNicol Partner Kathy Sozou. Image McGrathNicol. Federal Court judge Michael Lee might have refused Westpac’s bid to have a third McGrathNicol partner appointed as a provisional liquidator to three Forum corporate entities on the basis that with charge out rates of $847 per hour two is sufficient, but as we all know, resistance is futile. When creditors of the 25 or so Forum group companies…