Liquidators

Jirsch partner dumped as creditors invoke new powers

Grant Thornton’s Phil Campbell-Wilson. Grant Thornton’s Matt Byrnes. Jirsch Sutherland partner Malcolm Howell has branded his removal as liquidator of AFX Group Proprietary Limited “a blatant abuse of the new insolvency laws” after he was replaced at a meeting of creditors last Friday by Grant Thornton’s Matt Byrnes and Phil Campbell-Wilson. The meeting had been convened in accordance with ss 90-15(1) and 90-21(2) of the…


Insolvency 2020: How the year succumbed to CORONA

Mackay Goodwin principal Domenic Calabretta. Image courtesy Mackay Goodwin. They say the first sign of an impending tsunami is evidenced by the waterline receding. If that’s so then Sivaa Consulting’s FY20 Insolvency Analytics report demonstrates in detail how formal insolvency appointment volumes retreated in the latter stages of the 2019/2020 financial year. In July 2019 there were 944 formal insolvency appointments. The previous corresponding July…


Brother’s link to referrer complicates liquidator’s life

With its connections to Knox Grammar and the Baptist Church high profile building industry failure Clifford Constructions was always going to present added complications for whichever liquidators won the appointment, and that’s without the further complication of one of the liquidator’s brother’s links to the referrer. The link and the potential for conflict it creates is disclosed in the Declaration of Independence, Relevant Relationships and…


Cullen Australia liquidator won’t be run out of town

Cullen Group Australia Liquidator Michael Caspaney. Menzies Advisory’s Michael Caspaney must have days when he wonders if providing that consent to act as replacement liquidator on Cullen Group Australia Pty Ltd (CGA) almost four years go was a good idea, and iNO suspects that another such day approaches.  Caspaney has been at odds with members of CGA’s Committee of Inspection (COI) and the general pool…


AAF’s alleged obstacles no hurdle for some

Worrels Partner Simon Cathro. ASIC’s Assetless Administration Fund (AAF) is routnilely bollicked for being too tightfisted, too difficult to access and just too bloody hard but a look at the numbers going back to 2016 shows there are some practitioners more fortunate than others when it comes to extracting those prized grant dollars. Number one has been Worrells partner Simon Cathro, who since My 2018…


Cant can’t shake dreaded friendly phrase

Romanis Cant’s Tony Cant. If there’s one term likely to irritate liquidators more than “corporate undertaker” it’d have to be “friendly liquidator”, a phrase that impugns the profession’s almost collective commitment to independence with unerring efficiency. We say almost because on occasion allegations may be aired by a court suggesting a liquidator has strayed, and in the case of Romanis Cant’s Tony Cant the damning…


Receiver resists inquiry into asset sale to appointor

Worrels Partner Simon Cathro. Hell hath no fury like a debtor who sees their assets sold at what they believe is significant undervalue – just ask Worrells partner Simon Cathro who is seeking to have dismissed an application for an inquiry into his conduct as receiver of International Business Corporation (IBC). IBC’s secured lender FC Securities appointed Cathro receiver of IBC and some related entities…


Worrells partner seeks to strike out phoenixing case

Worrells partner Jason Bettles. Worrells Queensland partner Jason Bettles has gone on the front foot in his defence of allegations brought by the corporate regulator of complicity in illegal phoenixing, launching an application to have ASIC’s case struck out. Submissions lodged with the Federal Court reveal that Bettles, who could face a judicial inquiry into his conduct as liquidator of Member Alliance Group if his…


KPMG duo edge out rival VAs, become ProvLiqs

Romanis Cant’s Tony Cant. KPMG partner Robyn Duggan. If the dearth of appointments presently bedevilling liquidators required any illustration then an account of the competition for appointments to the Pages Events Group and how it ended in ProvLiqs is in order. Last Friday the NSW Supreme court made orders installing KPMG’s Robyn Duggan and Peter Gothard as provisional liquidators (ProvLiqs) of Pages Equipment Holdings Pty…


Octaviar liquidators at war with COI over fees

KPMG’s Will Colwell. The liquidators of the failed Octaviar Group have been forced to seek court approval for remuneration dating back to 2018 after falling out spectacularly with the Octaviar Committee of Inspection (COI). Bill Fletcher of Bentleys and Kate Barnet of Olvera Advisors applied in March this year for orders approving $358,731.85 (plus GST) in remuneration for work done from 1 July 2018 to…