Trading on a business under a license agreement would seem to be a perfectly normal proposition for insolvency practitioners extracting the last vestiges of value from a failing company but the agreement entered into by Veritas Advisory’s David Iannuzzi and Steve Naidenov as administrators of the MK Floors Group could not be described as normal. For a start, the licensee was a company called Chiswick which is…
It didn’t take long for ARITA to dismiss the complaints made about member and KordaMentha partner Rahul Goyal. As we reported last week in Tiaro Coal Creditors Gunning For Goyal various individuals connected to Tiaro Coal’s major creditor the Hudson Investment Group complained to ARITA about Goyal’s conduct on the administration. They alleged he was in cahoots with a major creditor with which KordaMentha has a referral relationship…
The stream of fees that’s flowed from the Tiaro Coal liquidation these last few years could get could a little bloodied after some of the company’s major creditors opened a new front in their war with liquidator Rahul Goyal. The gregarious Goyal – one of KordaMentha’s top revenue generators – has been at odds with major Tiaro creditor the Hudson Investment Group pretty much from the commencement of his…
After all the defiance and all the warnings McGrathNicol and the FEG Recovery Unit have turned demure as mice and settled their differences in a confidential arrangement that allows for no comment. Such was the outcome this week in the Federal Court when Justice Brigitte Markovic made orders by consent in Commonwealth of Australia represented by the Department of Employment V Peter McKenzie Anderson & Ors….
Melbourne liquidator Andrew Poulter has picked up the kind of appointment that might be expected to attract close attention. A fortnight ago Poulter filed his Declaration of Independence, Relevant Relationships and Indemnities (DIRRI) in relation to a company called PBDB Services Pty Ltd. The DIRRI revealed that the referrer was fellow Melbourne-based liquidator Ross McDermott, who, in between listening to your correspondent’s enquiries, took the…
INO’s culinary attache recently made note of Veritas Advisory’s David Iannuzzi and Steve Naidenov enjoying the splendid fare at high end Chinese restaurant Spice Temple, observing that the pair, who are currently being examined by the FEG Recovery Unit in regard to their handling of the MK Floors liquidation, were reportedly relaxed and enjoying their lunch with unidentified guests. The report from our source neatly corresponded with a letter…
One of the welcome consequences of the Federal Government’s December 2016 decision to expand FEG’s recovery activities has been an increased focus on insolvency industry advisors, particularly those whose success at pulling a client out of a hole is not commensurate with their success in pocketing fat fees, irrespective of outcomes. In MK Liquidator Floored By Phoenix Allegation INO revealed how colourful insolvency advisors Al Constantinidis and Socrates “Scott” Kitas…
Queensland liquidator Peter Dinoris has been forced to enter into an enforceable undertaking with ASIC in relation to the Asden Developments scandal, where Dinoris’s failure to make efforts to contact a director who’d siphoned large sums from a company attracted stiff criticism in the courts. The subsequent publicity saw Dinoris part company with Vincents and set up Artemis Insolvency. In a media release published this…
Pitcher Partners‘ mother-of-all public examinations kicked off this week and already two liquidators names have been mentioned in despatches as the marathon inquiry into an alleged $100 million phoenixing scheme gains momentum in room 8B of Melbourne’s Federal Court. Pitcher’s Andrew Yeo and Gess Rambaldi are being funded by the Australian Tax Office (ATO) to prise open what may be the largest phoenix syndicate yet uncovered and as part of…
Sometimes the legal advice one lot of liquidators has been relying on isn’t good enough for another lot, particularly when there’s a third lot pushing like hell for a second opinion. Such is the current state of affairs as it pertains to Neolido Holdings, that curious cash cow which earlier this year passed from the control of PPB Advisory’s Grant Sparks to BDO’s Andrew Fielding…