Liquidations

Sargon receivers embroiled in Federal Court disputes

McGrathNicol’s Shaun Fraser. The receivers of various Sargon Group entities and their appointors are allegedly “embroiled” in two disputes in the Federal Court”, a court heard this week. The claim was made on Monday in the NSW Supreme Court by lawyers for one set of receivers – PwC’s Chris Hill and Dan Walley – in their capacity as receivers of SC Australian Holdings 1 Pty…


Liquidator evades removal bid – just

Romanis Cant’s Tony Cant. Romanis Cant principal Tony Cant has fended off an application brought by a creditor seeking his removal as liquidator of Foodcorp (Vic) Pty Ltd but only it would seem, by the skin of his teeth. The judgment of Federal Court Judge Neil McKerracher in Sands Contracting Pty Ltd v Foodcorp (VIC) Pty Ltd [2020] FCA 1274 outlines the dismal imbroglio of…


Fly365 “flush with cash” before liquidator appointed

Aston Chace’s Ian Niccol. Aston Chace’s Vincent Pirina. A court has heard that the coffers of failed online travel agency Fly365 were “flush with cash” only days before the company was placed into liquidation, plunging the travel plans of thousands into chaos and leaving creditors chasing up to $30 million in debts. The revelations emerged during an ex-parte application in the Federal Court yesterday brought…


Lit funder Vannin to cough up security in cash

Hall Chadwick’s Richard Albarran. Hall Chadwick’s Blair Pleash. We’re sure Vannin Capital is a successful player in the oft-times lucrative litigation funding space but two insolvency-based bets it’s made in Queensland have proved troublesome. Little mystery can attach to why bankrolling the general purpose liquidators (GPLs) of Queensland Nickel in litigation involving the company’s former director Clive Palmer hasn’t gone to plan. Palmer could probably…


Court sides with BRI pair as creditor kicks the can

BRI Ferrier’s James Koutsokos. BRI Ferrier’s David Coyne. BRI Ferrier’s James Koutsoukos and David Coyne have extracted some hard won joy from the Supreme Court of Victoria in their ongoing battle with a Japanese beverage can manufacturer over remuneration. In Re Barokes Pty Ltd (in liq) [2020] VSC 555 Associate Justice of Victoria’s Supreme Court Julian Hetyey this week sided with the liquidators in their…


Receiver denied bid to use “other people’s money”

Receiver David Whyte. FTI Consulting’s John Park. Who would’ve thought insolvency might be seen to resemble Socialism, at least as it was characterised by the late Baroness Thatcher when alluding to collectivism’s fatal fiscal flaw? Not iNO that’s for sure. But In LM Investment Management Ltd (receiver apptd) (in liq) v Drake & Ors [2020] QSC 265 (28 August 2020) Justice Peter Callaghan of the…


Grant Thornton duo prepare to tread perilous path

Grant Thornton’s Matt Byrnes. Grant Thornton’s Phil Campbell-Wilson. Having replaced Jirsch Sutherland’s Malcolm Howell as liquidators of AXF Group, Grant Thornton duo Matt Byrnes and Phil Campbell-Wilson now have the job of negotiating AXF Group’s related party labyrinth, and that’s without considering the attitude of Howell’s out-of-pocket backers, Claims Funding Australia (CFA). According to Howell’s last report to creditors dated August 4, the Maurice Blackburn-backed…


Ex-parte application incensed AXF creditors

Last week iNO reported on the recent ousting of Jirsch Sutherland partner Malcolm Howell as liquidator of AXF Group. New information subsequently to hand sheds further light on how this potentially lucrative appointment was lost, and how Howell’s replacements, Matt Byrnes and Phil Campbell-Wilson of Grant Thornton, might avoid the same fate. In a letter to Howell’s lawyers, Landers & Rogers, dated May 11, the…


Jirsch partner dumped as creditors invoke new powers

Grant Thornton’s Phil Campbell-Wilson. Grant Thornton’s Matt Byrnes. Jirsch Sutherland partner Malcolm Howell has branded his removal as liquidator of AFX Group Proprietary Limited “a blatant abuse of the new insolvency laws” after he was replaced at a meeting of creditors last Friday by Grant Thornton’s Matt Byrnes and Phil Campbell-Wilson. The meeting had been convened in accordance with ss 90-15(1) and 90-21(2) of the…


Brother’s link to referrer complicates liquidator’s life

With its connections to Knox Grammar and the Baptist Church high profile building industry failure Clifford Constructions was always going to present added complications for whichever liquidators won the appointment, and that’s without the further complication of one of the liquidator’s brother’s links to the referrer. The link and the potential for conflict it creates is disclosed in the Declaration of Independence, Relevant Relationships and…