The foreign creditor seeking to eject Rob Whitton and Brendan Copeland as liquidators of Ridley Capital Holdings (RCH) has lined up John Sheahan and Ian Lock as their replacements, sources have confirmed. California-based Corbis Global applied in the NSW Supreme Court to replace the Williams Buck pair due to differences about how the RCH liquidation should proceed. Corbis, which in November 2015 won judgment against RCH for unpaid fees…
Some might have missed the remarks of Federal Court Justice Michael Wigney recently, which seemed to convey less than complete satisfaction with Richard Stone’s remuneration after the RSM partner made application for special leave to distribute a surplus generated from the winding up of Goldana Investments. Specifically, the judge seemed concerned about the level of fees when set against the seemingly straightforward nature of the job….
“We’re talking”. That’s almost all the special purpose liquidator of Octaviar Limited (OL) would say yesterday when SiN phoned to enquire about that mammoth and as yet unresolved proof of debt (PoD) action RSM’s David Kerr holds against OL’s sister company Octaviar Administration (OA). OA is currently in the hands of general purpose liquidators Kate Barnett and Bill Fletcher from Bentleys Corporate Recovery. “We are working at resolving…
Less than 24 hours after being appointed liquidator to a printing business in the heart of Tony Abbott’s seat of Warringah, Jirsch Sutherland’s Amanda Young found herself with a problem. It was Saturday morning, June 18 when the power went down at the Roller Poster Company. Everything that required electricity at the company’s rented premises in Brookvale stopped. Including the roller door. But Young, who’d…
John Lindholm is not a name one associates with controversy. A few years short of Ferrier Hodgson’s compulsory retirement age, the Melbourne office’s straight-talking chief has a sound record. But circumstance thrusts contention upon unlikely bearers and Lindholm is currently dallying with unwelcome publicity thanks to his role as administrator of failed vocational education group Australian Careers Network (ACN) Group; his trading of Showgirls Bar…
Liquidators can on occasion err in pursuit of a preference but incorrectly defining insolvency and testifying as one’s own expert witness? The cake has well and truly been taken. Or at least it has if you accept the conclusions of the Federal Court’s Justice Jim Edelman In the matter of FPJ Group Pty Ltd (In Liquidation). His honour’s judgement deals with a $153,554.00 claim for…
THE politically-charged liquidation of Bruck Textile Technologies (BTT) has catapulted HLB Man Judd partners Andrew Needham and Barry Taylor to number four on the list of Assetless Administration Fund (AAF) recipients. Since December 2014 Needham and Taylor have received $499,647.50 in AAF monies to fund their investigations into BTT’s controversial restructure, which took place prior to their appointment by creditors voluntary liquidation on July 11, 2014. Half…
ASIC and the Department of Employment’s (DoE) Active Creditor Program are for the first time simultaneously funding liquidators in a bid to unpick the 2014 restructure of Bruck Textiles Technologies (BTT). BTT was wound up by a creditors voluntary liquidation (CVL) initiated by its shareholder, Australian Textile Group (ATG) on July 11, 2014. HLB Man Judd’s Andrew Needham and Barry Taylor were appointed joint liquidators. A day…
AN application to appoint PPB Advisory’s Steve Parbery special purpose liquidator (SPL) of Queensland Nickel (QN) has been lodged in the Federal Court but the stricken nickel firm’s general purpose liquidators (GPLs) are yet to declare whether they will consent to or contest the move. Quentin Olde, one of four FTI Consulting partners formerly appointed GPLs to QN on April 27 told SiN yesterday that the…
IT was fortuitous that no vases were present in the Ming Room at 3 Spring Street last Friday because the unsecureds in attendance were fit to topple a dynasty. When they learned that the patriarch had had a seizure, they laughed. When the contents of his doctor’s certificate were divulged, derision and cynicisms were elicited. When told he was too ill front, they overthrew his…