Liquidations

Lowe Lippmann duo’s sale an interesting tale

Lowe Lippmann’s Gideon Rathner. The exercise of commercial judgment is often open to question and Victoria-based Gideon Rathner and  Matthew Sweeny may find a recent decision proves vulnerable in the wake of judgment in the matter of Cadence (90) Investments Pty Ltd as trustee of the GDC Discretionary Trust v Simon Dougal Chalmers [2019] NSWSC 1168. The Chalmers referred to is a wellness startup entrepreneur and…


Amos

Liquidator Amos examined by PwC pair

Liquidator Peter Amos (L) leaving the NSW Supreme court with his lawyer Keiran Breckenridge. There were awkward moments in the witness box for Peter Amos last week as he responded to questioning about his time as voluntary administrator (VA) of All City Recycling. Amos got the gig as VA in September 2018 but by December had been replaced upon the application of a creditor. The…


Wily where art thou? Ex-liquidator forfeits cash

Ex-liquidator Andrew Wily (C) exiting the NSW Supreme Court. The problem with retiring to enjoy the fruits of a life’s labours as ex-liquidator Andrew Wily has done is that sometimes you forget about some of the fruit. Back in 1999 Wily was appointed liquidator of a thing called Liquid Vision. “In a sense, Mr Wily has also ceased to exist, at least in his capacity…


Liquidator in limbo – what’s with those agreed facts?

KPMG’s Stephen Vaughan. KPMG’s Gayle Dickerson. Back in mid-July liquidator David Iannuzzi was scheduled to endure three days of gruelling questioning in a Federal Court witness box. The examination was to be the start of the penultimate battle in a war of attrition that began back in September 2017 when the Commissioner of Taxation (CoT) filed a 92-page originating process that listed a most egregious…


Court refuses SPLs as tax conspiracy case looms

BPS Recovery’s Mitchell Ball. dVT’s Suelen McCallum. When a judge tells your barrister that their arguments invoke “medieval philosophy” it’s a good bet that you’re going to be disappointed. So it was when a group of individuals turned up in the NSW Supreme Court yesterday seeking to have special purpose liquidators (SPL) appointed to Bluemine Pty Ltd. The applicants arrived with consents from dVT Group’s…


Liquidator succeeds in $150k adverse costs appeal

Vincents’ Nick Combis. Vincents’ Nick Combis has been successful in appealing a decision of the District Court of Queensland requiring him to pay $150k in costs after he had sought to claw back more than $350,000 for creditors of Queensland Quarry Group. The ruling last week in Queensland Quarry Group Pty Ltd (in liq) & Anor v Cosgrove [2019] QCA 220 (18 October 2019) means…


Accidental deregistration costs embattled IP $10k

Amos Insolvency’s Peter Amos. Last week iNO revealed that Peter Amos was one of two liquidators being subjected to the scrutiny of an external reviewing liquidator (RevLiq) from ASIC’s panel. This week we learned that it’s not just an ASIC-backed RevLiq that has questions for the south-west Sydney-based IP. During a hearing in the Federal Court on Wednesday we heard how PwC’s redoubtable Scott duo…


Independent expert to assess KordaMentha SPL fees

PCI Partner’s John Melluish. KordaMentha’s Rahul Goyal. KordaMentha’s Rahul Goyal and Jennifer Nettleton are encountering stiff resistance to their application for orders approving payment of around $400,000 in fees generated from work they’ve performed as special purpose liquidators (SPLs) of ACN 154 520 199 Pty Ltd, formerly named ABC Refinery Pty Ltd. In the Federal Court on Wednesday barrister Steven Golledge told the court that…


Intelara imbroglio reinforces rule: know thy referrer

FTI Consulting’s Joanne Dunn. FTI Consulting’s Joanne Dunn may well be ruing the day she agreed to an appointment as liquidator of engineering firm Intelara. Prior to her appointment in December 2015 pre-insolvency advisors had persuaded the Intelara directors to undertake what courts say was described to the directors as a “legal phoenix”. The subsequent involvement of the FEG Recovery Unit – which had Palisade…


ASIC extracts guilty pleas from pre-insolvency advisers

The corporate cop has secured a much needed win after two pre-insolvency advisers pleaded guilty to money laundering. In a statement yesterday ASIC said that Stephen O’Neill of Port Melbourne, Victoria and John Narramore, of Main Beach Queensland had both pleaded guilty in the Brisbane District Court to one charge of dealing in the proceeds of crime. The hapless client who engaged them – Cap…