Nick Cooper is apparently on the verge of extracting himself from an unfortunate stoush with a former bankrupt who launched proceedings against the Worrells’ partner in the South Australian District Court. Cooper told INO yesterday that the matter was the subject of a confidential settlement in the final stages of being agreed to but that it involved an ATO debt and a caveat he’d lodged over property…
Availability of and access to litigation funders is one of the biggest challenges for liquidators and while funder numbers have swelled in recent years it doesn’t mean the dollars are easier to find. Liquidator Michael Hird has spent considerable time trying to attract a backer willing to underwrite examinations of some of the directors of the failed Allmine Group, a search outlined in convenient detail…
It’s been an eventful time for PwC’s Derrick Vickers and Sam Marsden as they conduct what in their view is the orderly winding up of the affairs of the Ostwald Brothers construction group and the trend is continuing with a meeting of creditors called for June 12 which could see the pair ousted over a contentious circular. The PwC duo were appointed voluntary administrators (VA) of Queensland-based Ostwald Bros…
This is fresh out of the Supreme Court of Queensland, courtesy of Justice John Bond. “Parbery v QNI Metals Pty Ltd [2018] QSC 107 Summary of judgment This summary is not a substitute for the published reasons for judgment of the Supreme Court of Queensland. Nor may it be used in any later consideration of those reasons. The only authoritative pronouncement of the Court’s reasons…
It’d be unfair to suggest that every attempt at resolving the Mossgreen auction house imbroglio has merely driven the hapless imbrogliees deeper into the legal warren excavated by their competing claims, but Federal Court Justice Nye Perram’s latest ruling doesn’t exactly dispel the cynicism. In White, in the matter of Mossgreen Pty Ltd (Administrators Appointed) (No 3) [2018] FCA 711 the reality is laid bare. Four classes of creditor claim…
A fresh judgment was produced by the Supreme Court of West Australia last week that constitutes a win for Pitcher Partners WA partner and Westgem Investments liquidator Bryan Hughes in his marathon dispute with secured creditor Commonwealth Bank over the date of Westgem’s insolvency. Specifically, the court was asked to decide whether a Quickbooks data file saved to a USB stick constituted “books and records” and was therefore admissible. Initially there’d been been no…
Insolvent auction houses. Who’d touch one after the mess BDO’s James White, Andrew Sallway and Nick Martin have found themselves in? Grey House Partners, that’s who. In Re Mossgreen Pty Ltd (in liquidation) [2018] VSC 230 (9 May 2018) we learn of a recent attempt to install Greyhouse’s Andrew Beck and Ben Verney as receivers of goods stored in a warehouse in the Victorian suburb of Clayton. From…
Earlier this week it was reported that Clive Palmer was seeking to block the sale of PPB Advisory (PPBA) to PwC but our sources report that the initial application for interim freezing orders against PPBA founder Steve Parbery and partner Michael Owen was dismissed late last Friday afternoon and withdrawn before it was due to be heard yesterday. Overnight Palmer – believed to be holidaying in Europe – said…
The second meeting of creditors of failed Victorian builder Project Group Construction on Wednesday afternoon will go down as being notable for two reasons. This was the first attempt by creditor activist Subbies United (SU) to remove incumbent administrators and replace them with its preferred appointee in Victoria, a tactic SU has employed successfully in Queensland on several occasions. The attempt failed, with incumbents Ivan…
Having toppled a number of insolvency practitioners in Queensland, creditor activist group Subbies United (SU) looks set this afternoon to make its first attempt to dump an incumbent outside of the sunshine state. At 3:00pm in the Bourke Street offices of Charted Accountants Australia New Zealand (CAANZ) Melbourne, SU will hope to mobilise sufficient creditor disgruntlement to oust Worrells’ Ivan Glavas and Matthew Jess as voluntary administrators …