Octaviar: $514 million proof of debt up for appeal

OCTAVIAR’s general purpose liquidators Kate Barnett and Bill Fletcher were served a major setback in the NSW Supreme Court yesterday. In handing down his judgement, Justice Paul Brereton ruled that RSM’s David Kerr – currently special purpose liquidator of Octaviar Limited (OL) – can apply to extend his powers, paving the way for an appeal of Barnett and Fletcher’s rejection in April 2014 of a…

Levi opposes resurrection of company linked to Lazar

SYDNEY Liquidator David Levi is opposing attempts to reregister a company linked to accused fraudster Ian Lazar and his failed Business Australia (BA) Group. In the Supreme Court of NSW yesterday, lawyer Nick Dale for Levi asked that his client be joined to proceedings seeking to reregister Terra Cresta Business Solutions (TCBS). Dale told the court his client opposed the company’s reinstatement and denies the various allegations, which…

Fees continue to flow for Octaviar's appointees and advisors

Fees continue to flow for Octaviar’s appointees and advisors

THE latest accounts for Octaviar Administration (OA) show that Bill Fletcher and Kate Barnett earned almost $370,000.00 in fees in the past six months, taking total remuneration since they were appointed to $23.125 million. The Bentleys’ pair were installed as liquidators of OA and Octaviar Limited (OL) in September 2009 after the Public Trustee of Queensland, acting on behalf of creditors, removed Deloitte’s John Greig and…

ATO wind-ups near record in September

ATO wind-ups near record in September

THE tax person’s new-found enthusiasm for pursuing inveterate non-payers continues to impress. Figures obtained from Insolvency Notices reveal that the Australian Taxation Office (ATO) initiated 568 wind-up applications during September, strengthening expectations that this year’s sharp lift in legal action to force companies to liquidate or comply, will endure. September’s number was second only to the record 582 wind-ups filed by the ATO in May…

liquidators launch claim against Bruck bosses

Octaviar: Kerr considering fresh tilt

HAVING recently secured a $12.35 million settlement from Fortress Credit Corporation, Octaviar Limited’s (OL) special purpose liquidator is, we are reliably informed, contemplating resurrecting a $515 million proof of debt claim against the liquidators of Octaviar Administration (OA). The NSW Supreme Court made orders on May 26, 2015, discontinuing proceedings first brought by OL’s receivers against Bentleys partners Kate Barnett and Bill Fletcher in 2014….

Octaviar Limited's liquidator has quietly settled with Fortress

Octaviar liquidators bill $22 mill as Fortress claims settled

ANY insolvency that burns through five liquidators deserves special mention. When tens of millions of dollars – which might have been deployed beefing up creditor dividends – is instead spent pursuing a well-resourced, recalcitrant and foreign domiciled defendant, then the topic which so reliably provokes palpitations must be revisited. Fees and expenses should be kept in the limelight. Like mushrooms, they flourish in the dark….

Bentleys’ Barnet examined on viable voidables

Being cross-examined can’t be fun for any liquidator and Katherine Barnet won’t feel like the one who dodged the bullet after fronting the NSW Supreme Court yesterday. The insolvency specialist and director at Bentleys Corporate Recovery was brought in to talk about failed property investment group Octaviar. She began by getting confused about which of the two witness boxes to occupy. Perhaps the courtroom atmosphere…