A report about two elderly Australians losing their house after spending more than $100,000 on advice from a company accused of operating a multi-million dollar tax evasion scheme highlights the risks inherent in the practice of referral. Queensland fruit and vegetable peddlers Tony and Doris Di Blasio operated the Crisp on Creek fruit and veg business in Mount Gravatt in Queensland but ran into trouble meeting…
It’s not every insolvency practitioner who’s accused of connivance in a conspiracy so grand that the federal executive lies at its heart but for John Park, it’s not just fake news, it’s not even new. Where do I start,?” Park said yesterday when SiN rang to discuss the latest incendiary affidavit authored by former member of parliament and owner of the Yabulu Nickel Refinery, Clive Palmer. “Every…
When you use your casting vote to defy the wants of the largest creditor and that creditor is the Deputy Commissioner of Taxation (DCoT), expect blowback. In the case of Veritas Advisory principal David Iannuzzi, the blowback manifested in him being ousted from an appointment yesterday. According to orders made in the Federal Court Iannuzzi has resigned, by consent and without admission, as court-appointed liquidator of North…
When the planets align, the wind blows fair and the detail is both accurate and abundant, the dispensers of justice are happy to approve liquidator remuneration claims on the basis of hourly rates without recourse to the inherently fee-reductive principles of proportionality. In the latest instalment in the growing genre of judgments spawned by Sakr Nominees Pty Limited [2017] NSWSC 668 Ferrier Hodgson partner George Georges has…
There’s nothing like a howler in official government documentation – in this instance from the NSW Office of State Revenue – to disrupt the straightforward process of asset disposal, as Deloitte’s Neil Cussen learned in the curious case of Zerren Pty Ltd. Cussen was appointed liquidator of Zerren in June 2014 following an application by the Chief Commissioner of State Revenue to wind up the…
They like a punt in West Australia which may explain the bold but ultimately unsuccessful bid by FTI Consulting’s Ian Francis for a chunk of cash paid into a court by a company that then went bust. Francis – who in recent years has acted for ANZ against grain farmer and ousted One Nation senator Rod Culleton – was appointed liquidator of EH2015 Pty Ltd via…
Judging by the most recent accounts and statement of Queensland Nickel’s special purpose liquidators (SPLs), Henry Carr will authorise hefty expenditures if he thinks the odds favour a result. Between December 2016 and March 2017 the Fair Entitlements Guarantee (FEG) Scheme recovery czar okayed the transfer of about $2.53 million from the coffers of the Federal Department of Employment’s (DoE) to PPB Advisory’s Steve Parbery and Michael Owen who were appointed as…
There’ll no doubt be a limit to the length of the tentacles attaching to the Plutus Payroll labour hire fraud saga but at the moment the Australian Tax Office’s (ATO) biggest scandal continues to impress with its reach. It was only about a week ago that The Australian newspaper reported that Metcash may have been stung by Plutus-aligned entities in the form of small labour hire firms headed…
In the public interest SiN has resolved to update Supreme Court of NSW judge Paul Brereton about where the corporate regulator hatches its plots from these days because it transpires that the mother of all Corps List curmudgeons isn’t certain that ASIC has moved from 1 Martin Place. The judge’s recollection of the days when ASIC’s modestly remunerated minions enjoyed awkward silences with Macquarie Bank‘s…
Subbies United, the online sub-contractors collective assisting unsecured creditors in construction and related industry insolvencies, has flexed its muscles again. At the first meeting of creditors of Queensland One Homes Pty Ltd yesterday, Anne-Marie Barley found herself with little choice but to relinquish her role as liquidator after a vote to replace her was carried by the numbers three to one. Assuming the mantle was Menzies…