Liquidations

Ex-staff flung under the bus as bosses get grilled

Struck-off liquidator David Iannuzzi. Former Veritas Advisory director Steve Naidenov. The public examination conducted by Brooke Bird’s Robyn Erskine over the last month has been instructive on multiple levels. For a start, it’s put ex-liquidator David Iannuzzi in the witness box for the second time in as many months. That’s an ordeal Iannuzzi might have thought he’d avoided when in November last year Federal Court…


Liquidators luck out on leniency

Jones Partners’ Alan Topp. Jones Partners’ Bruce Gleeson. We wouldn’t want iNO readers to think this is the Jones Partners edition. It’s just a coincidence. Anyways, Jones Partners’ Alan Topp and Bruce Gleeson have had some luck after mistakenly paying themselves unapproved remuneration with a judge agreeing to retrospectively approve the unauthorised fees. The details in respect of this uncommon demonstration of leniency are contained…


Appetite for excitement pinged by judge

CJG Advisory’s Mathew Gollant. Melbourne-based IP Mathew Gollant must possess a fair appetite for excitement given his acceptance of an appointment as liquidator by creditors voluntary liquidation (CVL) of ACN 081 014 208 Pty Ltd, which until September 30, 2020 went by the name Millennium Electronics Pty Ltd (Millennium). iNO’s arrived at this conclusion after reading the judgment of South Australian Supreme Court judge Mark…


Liquidator foiled after payment ruled not void

O’Brien Palmer’s Chris Palmer. There are times when one is compelled to ask what motivates a liquidator to pursue an 11th hour payment to a creditor when the sought after sum, once costs are deducted, amounts to sixth fifths of bugger all? For iNO such a time came on Tuesday as we read the judgement of Justice Fabian Gleeson In the matter of Skypac Aviation…


Ferrier Hodgson pair duped by fake mortgages

KPMG’s Max Donnelly. KPMG’s Robyn Duggan. A judge has suggested liquidators and former partners of Ferrier Hodgson demonstrated one of the last desirable characteristics in those responsible for administering insolvent entities – they were too trusting. In Combined Property Holdings Pty Ltd v Galea & Ors [2020] QSC 338 Justice James Henry of the Supreme Court of Queensland in Cairns recounts how Robyn Duggan and…


Seven month silence earns adverse costs order

Worrells Partner Aaron Lucan. Worrells’ partner Aaron Lucan has been ordered to pay an indemnity costs order personally after indulging a seven month silence in respect of proceedings brought against the Deputy Commissioner of Taxation (DCoT) by a company to which Lucan is the appointed liquidator. “The effect of ordering the first plaintiff to pay the defendants’ costs would be to visit the consequences of…


The risks of tapping proceeds of crime for fees

O’Brien Palmer’s Daniel Frisken. Never presume to position yourself between the Commissioner of the Australian Federal Police and an allegedly ill-gotten dollar. As O’Brien Palmer’s Daniel Frisken has discovered, and as is detailed in the matter of The Commissioner of the Australian Federal Police v Pharmacy Depot Hurstville Pty Ltd (in liq) (No 2) [2020] NSWSC 1571 the outcome is unlikely to prove favourable to…


Ex-VA back as liquidator after incumbent ousted

DW Advisory’s Paul Weston. Worrells partner Simon Cathro. Paul Weston has been appointed liquidator of South Pelagic Holdings Pty Ltd at a meeting convened at the behest of creditors seeking to punt Worrells’ Simon Cathro, whom a court had in February appointed to replace the company’s then administrator, Weston. Independence breach you shrill? No. Not a bit of it. At least not according to Weston…


Liquidator next to grill Premier’s disgraced ex

Louttit & Associates’ Jamieson Louttit While the recent ICAC hearings were what put the spotlight on NSW Premier Gladys Berijiklian’s former relationship with former Wagga Wagga local member Darryl Maguire, Sydney insolvency practitioner Jamieson Louttit is also planning to illuminate certain activities connected to the disgraced ex-politician. Last month Louttit replaced PKF’s Brad Tonks as liquidator of UWE Hay Pty Ltd, UWE – Griffith Property…


Auxilium’s Cockatoo coup bails out ex-receivers

Auxilium Partners’ Bob Jacobs. There will be jubilation in certain quarters following the sale last week of Pluton Resources’ iron ore operation on Cockatoo Island, located in the aptly named Buccaneer Archipelago off West Australia’s northern coast. Whilst Pluton receiver and Auxilium Partners principal Bob Jacobs can claim credit for succeeding where a procession of his predecessors failed, KordaMentha’s John Bumbak and Janna Robertson (now…