PKF Victoria’s Jason Stone and Glenn Franklin are playing hardball with AG Coombs Pty Ltd after the national mechanical services designer and installer failed to respond in time to statutory demands the PKF pair issued as liquidators of sub-contractor M & V Consultants Pty Ltd. Petrified at what that could mean for a business with 650 employees and annual turnover of $250 million AG Coombs sought an…
Low grade legal advice appears to be why Ozem Kassem and Jason Tang have been ordered to pay the costs of a party with whom they entered into a deed of settlement over a $60,000 vendor finance loan that’s been the focus of an ongoing dispute. In Mahmoud El Ali v JGYM Pty Ltd [2018] NSWSC 1298 (23 August 2018) NSW Supreme Court judge Michael Pembroke this week described…
After advising creditors of Courtenay House Capital in June this year that they would not recommend a settlement offer from Tony Iervasi, it looks like liquidators Said Jahani and John McInerney have extracted something much more favourable. In a July 27, 2018 circular the Grant Thornton duo told creditors that they had signed a deed of settlement with the self-confessed Ponzi scheme operator just a day earlier. “Under the terms…
Robyn Erskine, who last year replaced David Iannuzzi as liquidator of North Shore Property Developments, has failed in a legal bid that would’ve given her more time to challenge a generous seeming compromise entered into by her predecessor. In Erskine v 72-74 Gordon Crescent Lane Cove Pty Ltd, in the matter of North Shore Property Developments Pty Ltd (in liq) [2018] FCA 109 we learn that Iannuzzi…
The MV Developments liquidation may go down as a textbook case of how not to avoid a finding of unreasonable conduct and how difficult it can be to wind up a property development when there are competing prospective purchasers, multiple registered security holders and a director who admits accepting casino chips as deposits. This after all is the job that drove Rodgers Reidy’s Rob Moodie…
Stratos Legal’s latest interim insolvency appointments rankings show the firms that were leading as at June 30 2017 are mostly maintaining their dominance in 2018. When it comes to creditors voluntary liquidations (CVLs), Worrells is leading the pack nationally thanks to its preeminence in Queensland and Victoria. It also performed strongly in New South Wales, ranking second only to Dominic Calabretta’s Mackay Goodwin which was NSW’s CVL front…
It might almost read like something from the Golden Age of Russian Literature, save for the fact that none of the characters are from Russia, nobody dies and the main players don’t end the story lamenting their role and pining for a simpler life harvesting permafrost. No indeed. A liquidator has in fact emerged triumphant from the latest instalment of the tragic and enduring tale…
It doesn’t do to mix your WIP. Nor does it do to confuse a judge. Hall Chadwick duo Richard Albarran and David Ross may have accidentally done both, and it’s cost them eighty grand. The recent lopping of around three quarters off their claim for remuneration as receivers of the DOH Family Trust follows a period during which Albarran and Ross have also acted as 1) voluntary administrators of…
Deloitte’s David Mansfield has come away with a shiner from a challenge he brought on in the District court of NSW after an earlier bout left him bloodied and leaking costs. In December 2017 a NSW District Court judge ordered Mansfield to pay the costs of a defendant in proceedings he’d brought against directors of the Camperdown Bowling & Recreation Club Ltd (CB&RC). Mansfield was appointed…
dVT Group’s Seulen McCallum and Riad Tayeh will likely soon receive communications from Giles Woodgate after the NSW Supreme Court of Justice Fabian Gleeson last week approved Woodgate’s appointment as special purpose liquidator (SPL) of Hemisphere Technologies Pty Ltd (HT). McCallum and Tayeh were appointed liquidators of Hemisphere – which changed its name to ACN 152 546 453 Pty Ltd on December 23, 2016 – in January 2017. Their…