Liquidators

Director’s novel re-examination bid

McGrathNicol’s Rob Kirman. There can’t be too many liquidators who, having completed a public examination of a director, learn that the examinee has decided he’d like to more time in the witness box. And not just more time. More time to be asked the right questions by his own counsel in fact, and more time to provide answers that are somehow preferable to the answers…


Liquidator spared half million in indemnity costs

Despite his legal team pitching arguments that were said to have at times lacked clarity, a Sydney liquidator has been spared the ignominy of paying up to $500,000 in indemnity costs for a failed attempt at replacing a receiver. Instead, NSW Supreme Court justice Kate Williams has ordered that the costs of the defendants In the matter of Sirrah Pty Limited (In Liquidation) (No 2)…


EY partners may face disciplinary action over Pindan

EY’s Sam Freeman. EY’s Colby O’Brien. Two of EY’s finest are not letting any impending ARITA sanction impede progress of their work as administrators and liquidators of Pindan Group, the West Australia-based construction and property group that availed itself of EY’s reassuringly familiar services in May of this year. Last month in the Supreme Court of West Australia Sam Freeman, Colby O’Brien and Vincent Smith obtained various grants…


Stench didn’t stop receiver setting record

Hogan Sprowles partner Brendan Copeland. Fish rotting under floorboards, anti-vacaters, rivals threatening to scrutinise your fees and freezing orders impeding progress – as liquidator and receiver of Fellmane Pty Ltd Brendan Copeland has earned his fees. Certainly NSW Supreme Court judge Ashley Black thought so when on Monday he found no reason to block or discount the Hogan Sprowles partner’s claim for $263,000 in remuneration,…


BBY duo conclude long adjourned remuneration bid

KPMG partner Stephen Vaughan. KPMG Partner Ian Hall. The interim divvie’s distributed, it’s twin awaits only delivery of a judgment reserved and now an application for remuneration – brought by BBY Limited’s liquidators Stephen Vaughan and Ian Hall in 2017 and adjourned in 2018 – has at last come to pass. “The total value of the assets (CSAs and recoveries) for which the liquidators have…


Suppressed insolvency market hatching new firms

Ex RSM partner Dave Mutton – another liquidator going it alone. RSM Partner Jonathan Colbran. If liquidators leave their firms to start a new venture and take none of their appointments does that indicate that a parting was less than amicable? Not necessarily is the only appropriate reply to such rhetorical gambits but the thought occurred to iNO – as such malignancies tend to –…


Half mill in costs pending after attack on receiver fails

Farshad Amirbeaggi. Mackay Goodwin principal Domenic Calabretta. Image courtesy Mackay Goodwin. A liquidator’s estimate of a return to creditors of between 51 cents and 100 cents in the dollar may have been imperilled after attempts to appoint a receiver to sell a luxury property in Bali were rejected by the courts. In failing to have a receiver appointed Hayes Advisory principal and liquidator of Sirrah…


Liquidator of Obeid family Quay holes forced to settle

RSM’s Frank Lo Pilato. RSM partner Frank Lo Pilato has had to take a haircut on his fees and expenses on the liquidation of Circular Quay Restaurants Pty Limited after an absence of funders forced him to settle on pauper’s terms with the family of corrupt former Labor politician Eddie Obeid. As was revealed in the NSW Supreme Court on Monday, Pilato agreed to the…


McKern insolvency estimate repels challenge

McGrathNicol partner Robyn McKern. Grant Thornton’s Said Jahani. If dignified crowing is heard during the next McGrathNicol zoom meeting of partners iNO won’t be surprised. It’s not every day that a forensic accountant has their sums validated by a Federal Court judge. “The referee concluded that the group of companies was insolvent from 31 January 2017 and thereafter. That is in contradistinction to the opinion…


Winding up stayed but priority spoils the party

Deloitte partner Robert Woods. Cor Cordis partner Daniel Juratowitch. iNO has rarely read a decision where so many irregularities have been forgiven on the way to ruling in favour of an appellant seeking to terminate a winding up. Yet in Re The Thoroughbred Consultants Pty Ltd [2021] VSC 627 we have detailed reasons why Supreme Court of Victoria judge Michael Osborne decided that a winding…