Liquidators

Seize the pay! Liquidators exonerated as ASIC fails

Olvera Advisors’ Kate Barnet. Liquidator Bill Fletcher. Liquidators Kate Barnett and Bill Fletcher have been exonerated by a committee convened in July this year to consider contraventions ASIC alleged were perpetrated in the early days of the Octaviar liquidation. The allegations were brought to Barnett and Fletcher’s attention in show cause notices under section 40-40 of the Corporations Act issued by ASIC in 2019. After…


Court approves liquidators to derive a profit

Aston Chace’s Vincent Pirina. Aston Chace principal Steve Naidenov. There’s an interesting issue in the recent judgment of NSW Supreme Court Justice Ashley Black, who’s rejected efforts to prevent liquidators from deriving a profit via work done by employees of two incorporated accounting firms with which the liquidators either are or were associated. In the matter of Karim Pty Ltd (in liq) [2020] NSWSC 1603…


Seven month silence earns adverse costs order

Worrells Partner Aaron Lucan. Worrells’ partner Aaron Lucan has been ordered to pay an indemnity costs order personally after indulging a seven month silence in respect of proceedings brought against the Deputy Commissioner of Taxation (DCoT) by a company to which Lucan is the appointed liquidator. “The effect of ordering the first plaintiff to pay the defendants’ costs would be to visit the consequences of…


The risks of tapping proceeds of crime for fees

O’Brien Palmer’s Daniel Frisken. Never presume to position yourself between the Commissioner of the Australian Federal Police and an allegedly ill-gotten dollar. As O’Brien Palmer’s Daniel Frisken has discovered, and as is detailed in the matter of The Commissioner of the Australian Federal Police v Pharmacy Depot Hurstville Pty Ltd (in liq) (No 2) [2020] NSWSC 1571 the outcome is unlikely to prove favourable to…


Ex-VA back as liquidator after incumbent ousted

DW Advisory’s Paul Weston. Worrells partner Simon Cathro. Paul Weston has been appointed liquidator of South Pelagic Holdings Pty Ltd at a meeting convened at the behest of creditors seeking to punt Worrells’ Simon Cathro, whom a court had in February appointed to replace the company’s then administrator, Weston. Independence breach you shrill? No. Not a bit of it. At least not according to Weston…


Liquidator next to grill Premier’s disgraced ex

Louttit & Associates’ Jamieson Louttit While the recent ICAC hearings were what put the spotlight on NSW Premier Gladys Berijiklian’s former relationship with former Wagga Wagga local member Darryl Maguire, Sydney insolvency practitioner Jamieson Louttit is also planning to illuminate certain activities connected to the disgraced ex-politician. Last month Louttit replaced PKF’s Brad Tonks as liquidator of UWE Hay Pty Ltd, UWE – Griffith Property…


BRI Ferrier NSW splits as veteran departs

BRI Ferrier’s Peter Krejci. FerrierSilvia’s Brian Silvia. As was foreshadowed by iNO on July 1, veteran liquidator Brian Silvia has parted company with the BRI Ferrier group, though not with the Ferrier name as evidenced by the registration in June of FerrierSilvia Pty Ltd. iNO understands that the split of the NSW BRI Ferrier affiliate was formalised over the weekend. In a statement BRI Ferrier…


Liquidator faked memoranda to fool ASIC

Macks Advisory’s Peter Macks. South Australian liquidator Peter Macks faked documents in an attempt to foil an ASIC investigation, a court has found. In Australian Securities and Investments Commission v Peter Ivan Macks (No.4) [2020] SASC 209 South Australian Supreme Court judge Sam Doyle said Macks had acted dishonestly and for the purpose of deceiving ASIC in respect of a memoranda Macks provided to the…


Worrells partner wins round one in ASIC phoenix fight

Worrells partner Jason Bettles. ASIC has suffered a humiliating setback in its bid to have the liquidator’s registration of Jason Bettles cancelled, with the Federal Court on Wednesday ordering the regulator to reformulate its case. In Australian Securities and Investments Commission v Bettles [2020] FCA 1568 Federal Court Justice Andrew Greenwood found that ASIC’s case, contained in a Concise Statement and Supplementary Concise Statement, was…


DCoT’s Busby Affidavit aimed at ousting FTI duo

FTI Consulting’s Joanne Dunn. FTI Consulting’s John Park. It might not deliver the impact of a best seller like The Bourne Identity but around FTI Consulting QLD’s Central Plaza HQ at least we reckon The Busby Affidavit is quite the page turner. Contained within this innocuously monikered document lies nothing less than a bid by the Deputy Commissioner of Taxation’s (DCoT) to relieve FTI’s Joanne…