DV Recovery Management’s Daniel O’Brien. Oracle Insolvency Services’ Nick Cooper. With the fate of $20 million in a solicitor’s trust account uncertain and three sets of insolvency practitioners on the clock, who could fault any for contemplating liens? Certainly not iNO, who was roused from inattention during last Monday’s Corporation Lists in the NSW Supreme Court by barrister Ingrid King telling Justice Ashley Black that…
Cathro & Partners’ Andrew Blundell. RSM’s Richard Stone. Cathro Partners Andrew Blundell and Simon Cathro must have thought that they had a good chance of retaining their appointments as voluntary administrators (VAs) of failed chartered accounting firm Talbots Pty Ltd when proceedings commenced yesterday morning. Those proceedings constituted the hearing of an application brought by the Deputy Commissioner of Taxation (DCoT) for the immediate winding…
HLB Mann Judd partner Greg Quinn. West Australian liquidator Greg Quinn has secured the result he wanted following a court application to resolve a clear conflict. The HLB Mann Judd partner is the liquidator of Flexi Staff Pty Ltd (Flexi Staff), as well as the liquidator of its related entity, Texpoint Pty Ltd (Texpoint). “A liquidator has a conflict of duties in exercising any power…
PwC Director Wil Honner. iNO acknowledges it’s a longish bow but posits the question anyway. Is the tax office reducing its exposure to appointees from PwC due to the stink emanating from the global firm’s Australian tax practice? This question occurred to iNO during the hearing in the Federal Court yesterday of an application for the winding up of One Asphalt (NSW) Pty Ltd (One…
KordaMentha partner Rahul Goyal. KordaMentha partner Jenny Nettleton. The Deputy Commissioner of Taxation’s (DCoT’s) dogged interest in the moving minds behind Marrickville gold refiner Pallion Group took another turn this week with the Federal Court making orders appointing special purpose liquidators (SPLs) to ACN 607 537 548 Pty Ltd (ABCRA1). The intervention means KordaMentha partners Rahul Goyal and Jennifer Nettleton will now undertake investigatory matters…
Grant Thornton’s Phil Campbell-Wilson. Worrells’ Christopher Darin. For some time two sets of practitioners have been tooing and frooing in respect of $20 million, claimed by one lot of liquidators in a winding up administered by another lot. Schemes of arrangement have been proposed then abandoned. Deeds of company arrangement (DoCA) likewise, and in the absence of a resolution from either of these trusted mechanisms,…
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…
Hall Chadwick’s Richard Lawrence. Hall Chadwick’s Richard Albarran. The latest chapter in the fight by Richard Albarran and Richard Lawrence to be paid outstanding remuneration for their time as liquidators of start-up accelerator Tauro Capital (Tauro) could be cut short if Tauro creditors like the latest solution being proposed. Today it’s expected that the current liquidators of Tauro will distribute a report that includes a…
Dye & Co’s Nicholas Giasoumi. Nine months might seem a fair old span to let pass before asking a court to declare that you’ve acted reasonably in trading on a bare trustee but as former Prime Minister John Howard likes to remind us, context is everything. To begin with, knowing that the sole function of the company to which you’re appointed was to act as…
Dye & Co’s Hamish MacKinnon. Dye & Co’s Nicholas Giasoumi. Issuing demands for payment of claims unproven at the time the demands are issued might well be a common practice but Federal Court judge David O’Callaghan has placed it on the endangered list. In his decision in Gadsden v MacKinnon (Liquidator), in the matter of Allibi Pty Ltd (in liq) [2023] FCA 647 Justice O’Callaghan…