Liquidators

Liquidator expelled ahead of creditor’s petition

dVT’s Antony Resnick. dVT Group co-founder Riad Tayeh A prominent liquidator facing bankruptcy proceedings has been expelled from the partnership he co-founded two decades ago. According to a judgment of the Federal Court of Australia, the liquidator was notified late last month by his fellow partners that he was liable for expulsion from the partnership as a result of being served a creditor’s petition, which…


Liquidator can sleep easy over proof of debt appeal

Vincents Director Henry McKenna. After listening to a part of the appeal in the mater of Alora Property Group Pty Ltd (APG) v Henry McKenna, iNO can report that Vincents director McKenna is unlikely to be losing any sleep. Based on the reception the appellant’s counsel received from the three appeals court judges in the initial stages of the application yesterday, there would seem in…


Liquidator facing examination over insolvent trading

Pitcher Partners’ Bryan Hughes. Sheridan’s Chartered Accountants principal Jennifer Low. It’s never a good look when a registered liquidator and senior partner of a national insolvency firm is summonsed to appear for public examination. When the examinee’s brother is involved in the brouhaha and there’s a glimmer of insolvent trading, well, it’s a sight to make eyes sore. “The (Titan) Board are satisfied they acted…


When objectors becomes adversaries liquidators win

Darryl Kirk of Cor Cordis Brisbane. Well it turns out that when objectors to a liquidator’s remuneration application becomes in the court’s eyes adversaries, they can be liable for the liquidator’s costs of responding. The decision in question can be found at: Manicaros v Commercial Images (Aust) Pty Ltd [2022] QSC 83 which tells of the stiff resistance Cor Cordis partner Darryl Kirk encountered in…


Liquidator to face creditor’s petition hearing

dVT Group co-founder Riad Tayeh Retired dVT Group co-founder Anton de Vries The clock is nearing a minute to midnight for dVT Group co-founder Riad Tayeh, with the Federal Circuit Court preparing to hear a creditor’s petition application lodged on May 10 by the liquidators of Timbercorp. If unopposed the 58 year old registered liquidator could be declared bankrupt next month. Such a declaration would…


Court rejects bid for compo without inquiry

Hamilton Murphy’s Richard Rohrt. Those who knew about it were no doubt relieved when a court recently refused to pave the way for disgruntled shareholders to pursue liquidators for compensation without a court-ordered inquiry having first found adverse conduct. The decision of the Victorian Supreme Court of Appeal was delivered on May 10 in the matter of Djordjevich v Rohrt [2022] VSCA 84 and of…


Alleged asset recovery failure plagues ex-appointee

Sydney liquidator Greg Parker has suffered another blow in his ongoing stoush with the former directors of Worldwide Specialty Property Services (WSPS) as he defends allegations of negligence and claims for damages. As explained in Lee v Parker (No 2) [2022] FCA 582 Parker last week lost his bid to force the ex-directors to stump up more than $500,000 in security for costs. The Clarence…


Pre-insolvency advisory fingered in phoenix judgment

PKF’s Petr Vrsecky. PKF partner Glenn Franklin. There was much hyperventilating last week after delivery of judgment in the matter of Intellicomms Pty Ltd (in liq) [2022] VSC 228 which record the first application of new laws aimed at combatting illegal phoenix activity. While it’s early days and the judgment could be overturned on appeal, few of the breathless commentators who explored this inaugural application…


Liquidator repels conflict and removal bid

Liquidator Gavin Moss. Photo: iNO Images Coming hot after our story about the lawyer warned by a judge to consider his potentially conflicted position very carefully comes a decision out of the NSW Supreme Court which shows how liquidators using the same lawyer who acts for creditors or the liquidator’s funder can quell conflict concerns. In this case Chifley Advisory principal Gavin Moss had to…


Liquidator’s consent beaten by rival’s

Westburn Advisory’s Shumit Banerjee. Chifley Advisory’s Mohammad Najjar. In these hyper-competitive times missing out on a gig to a rival must sting and all the more so when lawyers are telling courts there are issues with your consent. This week lawyers appeared in the NSW Supreme Court in the matter of Dynamic Water Solutions Pty Ltd. An application to wind up the company was the…