Justice Paul Brereton has said that he found it “surprising” dVT’s Riad Tayeh recommended a company that wasn’t trading and whose only creditors were its shareholders and a related party, be wound up in a recent judgment. Tayeh has told SiN his honour was not wholly appraised of the relevant circumstances. In the matter of Classic Corporation Pty Ltd the judge was asked to rule on…
Veritas Advisory principal David Iannuzzi has upset some of the now former staff of the MK Floors group such that they’ve reportedly fired off a letter to the corporate regulator and ARITA questioning his independence. SiN’s already reported on MK Floors and Iannuzzi’s appointment at: Veritas And CBA Content With Constantinidis but that was before last Wednesday when approximately 40 staff were sacked and responsibility for their entitlements shunted…
Pie Face Pty Ltd deed administrator Sule Arnautovic will today recommend that creditors place the fast food maker into liquidation after secured lender TCA Global declined to tip in up to $3.5 million for employee entitlements and instead installed a receiver ahead of a planned sale of the business. In a report sent to to creditors last week the Jirsch Sutherland partner said the decision…
Creditors have rejected an attempt to supplant liquidator Schon Condon at a recent meeting of ABC Refinery Pty Ltd where the replacement’s independence came under scrutiny and the meeting chairman was forced to reprimand an Australian Tax Office (ATO) official. The minutes of the October 7 meeting outline how the ATO sought to have the Condon Associates founder and principal replaced with Ferrier Hodgson’s Robyn Duggan and…
A compromise that would’ve seen Ozem Kassem and Jason Tang secure $750,000 to cover their fees and expenses was derailed yesterday when the Australian Tax Office (ATO) demanded that the Cor Cordis partners adjourn the meeting of creditors of Project 1876 Pty Ltd. Voting on the proposal had been scheduled for 11:00am today but SiN understands that the ATO – to which Project 1876 owes…
Until the afternoon of September 5, Queensland Nickel’s (QN) general purpose liquidators (GPLs) – John Park, Kelly-Anne Trenfield, Stefan Dopking and Quentin Olde – were stuffed. The FTI four had no money to pursue claims they’d identified as GPLs and no money to cover the liabilities they’d incurred operating the Yabulu Nickel Refinery as QN’s voluntary administrators (VAs). In addition, indemnities provided by the refinery’s controller Clive Palmer prior to…
Grant Thornton’s Queensland chief Mike McCann is no doubt used to the rough and tumble of insolvency and didn’t sound bothered when SiN called yesterday to ask about an allegation raised against him by counsel for Mawson Restructures and workouts Pty Ltd (MWR). McCann told SiN he wished “I was that powerful” when asked if he and his co-appointees had influenced the payments from the…
With the insolvency profession atremble at the prospect of proportionality, the news that HLB Mann Judd’s Barry Taylor and Andrew Needham have had a tad shy of $542,000 in remuneration approved by a court must be reassuring. On Wednesday the Supreme Court of NSW’s Justice Ashley Black handed down his decision In the matter of Idyllic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and…
When insolvency practitioners decamp to more rewarding professional pastures, they invariably take with them the seeds of potential conflict. This week it was liquidator David Mansfield applying the round up to a weed that’s sprouted into inconvenient life since he moved to Deloitte in May 2014. In the NSW Supreme Court on Monday lawyers for Mansfield applied for an order to appoint a special purpose…
If it had a spare moment to reflect, the spectre of proportionality would realise Justice Paul Brereton isn’t the only judge it has to thank for the frequency of its invocation. Another recent invokor is the NSW Supreme Court’s Justice Stephen Robb, who last week summoned the liquidator-terrorising shade to cloud the fortunes of David Clout. In the matter: David Lewis Clout in his capacity as Liquidator of Mainz…