The minutes of a recent meeting of creditors of Project 1876 Pty Ltd reveal that the Australian Tax Office (ATO) remains undecided on the question of whether it should fund liquidators Ozem Kassem and Jason Tang to go after a $12.2 million voidable payment made to the owners of the Dyldam construction group. Kassem and Tang were appointed voluntary administrators by Project 1876’s director Maria Fayad on July 1, 2013…
When a deed administrator has no more hair to tear then he or she must assess the options – assuming there are any – and act. In the case of still hirsute Helm Advisory principal Stephen Hathway, that has meant embarking on an arduous path through the courts in search of an order that will, if obtained, see his role as administrator of the Plaza West…
UPDATED: Friday, March 17 4:15pm – Forge Group’s petition for Chapter 15 relief and a declaration of the Forge Group administration as a foreign main proceeding has been dismissed by the Northern District bankruptcy court in San Francisco. The receivers of Forge Group are confident of resisting the latest legal assault by APR Energy after the Florida-based group advised it had lodged an application in the High Court…
Sydney liquidator Adam Preiner has had a claim for $124,065.70 in remuneration claim halved, with a judge this week ruling that the Helm Advisory director’s right to take his fees and expenses from the assets of corporate trustee Minmxt Holding was not superior to the rights of caveators, whose cooperation Preiner had been forced to secure before he could sell the trust’s only asset. Preiner took…
If there’s a government – be it local, state of federal – exposed to an insolvency then PPB Advisory is seemingly always at hand. Think Lehman Brothers and all those local councils. Think Queensland Nickel and the Commonwealth Government’s FEG debt that FTI Consulting couldn’t be left to recover. Or even Arrium in South Australia, where PPB co-founder and pollie whisperer Steve Parbery is oft to…
It’s been a while coming but lawyers for the liquidators of Bruck Textile Technologies (BTT) (In Liquidation) have served the company’s two most senior officers and its owner and chairman with a multi-million dollar compensation claim in which they allege the defendants breached their directors duties, engineered uncommercial transactions and contravened the Corporations Act’s section 265D as it applies to capital reductions. BTT’s chairman and owner,…
Queensland construction industry creditors have been getting the pineapple – either end is a daunting prospect – since at least 2013 when the still unfolding collapse of Walton Constructions commenced, and if this week’s events in the state of committees is any guide, restive grow the natives. On Tuesday, trade creditors of mid-tier building firm Cullen Group turned out in droves at the first meeting…
Remember when the courts banned Gold Coast turnaround advisor Stephen Charles Hall from being a director of a company for five years? It was back in April 2016. The 26th to be precise. ASIC had investigated the prolific cold caller after he got in the ear of company director Brad Streeter and persuaded him that the imminent winding up of his company by the ATO…
The Australian Tax Office (ATO) has asked the Federal Court to appoint Korda Mentha’s Rahul Goyal and David Winterbottom special purpose liquidators (SPLs) of a company formerly known as ABC Refinery Pty Ltd in a move that would supplant general purpose liquidator (GPL) Schon Condon and focus the ATO’s GST fight with the precious metal refining sector squarely on the owners behind the Pallion precious metals group. In…
The Australian Tax Office (ATO) has launched a $200 million claim in the Federal Court against ABC Refinery Pty Ltd, four months after the company’s directors resolved to wind up the Sydney-based gold refiner and appointed Condon Associates’ Schon Condon as liquidator. Lawyers for the Deputy Commissioner of Taxation (DCOT) lodged an originating process and supporting affidavit in the Federal Court last Friday. Neither Condon or ABC…