Liquidators

Disclaimed Ferrari recovered after PPSR blunder

Hamilton Murphy principal Richard Rohrt. Victorian liquidators Richard Rohrt and Stephen Dixon have been delivered a fortuitous outcome after a judge found that BMW Finance had imperfectly registered its security interest in a Ferrari GTC4 Lusso that the Hamilton Murphy partners previously disclaimed. As a consequence of the ruling in Rohrt, in the matter of Rose Guerin and Partners Pty Ltd (in liq) v Princes…


AFSA’s “ignorant bureaucracy” excoriated

Oneoz liquidator Giles Woodgate. Instructions from a faceless Australian Financial Security Authority (AFSA) staffer to a creditor who had been lawfully assigned a money judgement were “borne of ignorance” a Sydney judge has said. In Woodgate in his capacity as Deed Administrator of Oneoz Pty Ltd (subject to a deed of company arrangement) v Brown [2021] NSWSC 508 NSW Supreme Court judge Peter Garling was…


$45k per month to store HIH records

McGrathNicol’s Jason Preston. McGrathNicol’s Kathy Sozou. McGrathNicol’s Jason Preston is drawing excruciatingly close to concluding the two decades long winding up of the HIH insurance group and as has emerged this week, the end can’t come soon enough with hefty administration costs termiting what funds remain. “We have obtained orders to allow the destruction of the records 90 days after deregistration of the head company…


Insurer funds IP’s legals in defence and cross claim

BRI Ferrier’s David Coyne. It’s not every day a liquidator gets their legal expenses for both the defence of a claim and pursuit of a cross-claim paid for by the applicant and respondent on the other side of the dispute, but BRI Ferrier Victoria boss David Coyne currently occupies this happy place, courtesy of QBE. The uncommon state of affairs came to iNO’s attention whilst…


Liquidator eyes $800k, receivers eye conduct inquiry

PwC’s Andrew Scott. KordaMentha partner Kate Conneely. PwC’s Andy Scott is looking at this point the only obvious winner among the parties scrimmaging over a $2.28 million pot of excess cash Scott has generated in his role as liquidator of Parkway One Pty Ltd and receiver manager of the Parkway One Unit Trust. The other parties – those asserting to be lenders with secured interests…


Court punts Worrells pair who agreed to 11th hour VA

Worrells Con Kokkinos. Worrells Matthew Kucianski. The recent judgment of Victorian Judicial Registrar Ian Irving in EAD Concepts Pty Ltd (admin apptd) [2021] VSC 227 (28 April 2021) makes for instructive reading in respect of the court’s views on winding up versus voluntary administration (VA), and there’s entertaining detail around IP rivalry prompting iNO to wonder which Melbourne-based IPs haven’t had a drink out Melbourne…


Judge moved to critique liquidator’s expert testimony

Hall Chadwick’s Blair Pleash. Liquidator David Ross. Following the delivery of judgment in Ross, in the matter of Print Mail Logistics (International) Pty Ltd (in liq) v Elias [2021] FCA 419 lawyers across the land will be pondering how they can avoid having Justice John Reeves anywhere near their applications in respect of alleged uncommercial, unreasonable and insolvent transactions. How to insulate expert witnesses will…


Accused phoenix tsar facing committal over not much

Philip Damien Whiteman. Photo courtesy ABC News. It’s been some time coming but accused tax fraud mastermind Philip Damien Whiteman this week finally had a day in court in relation to allegations of illegal “phoenix” activity. On Monday the 62 year old “pre-insolvency service provider” from Port Melbourne was charged in the County Court of Victoria with nine offences of dishonestly causing a loss to…


Fee deal evaporates as judge refuses to terminate

Smith Hancock partner Mike Smith. Smith Hancock partner Rommel Alfonso. A proposal that would’ve seen liquidators Mike Smith and Erwin “Rommel” Alfonso paid $85,275.07 in satisfaction of exisiting and future remuneration claims and costs has been crushed after a judge refused to terminate a winding up despite the applicant’s offer to discharge the company’s debts. As is evident In the matter of Kele Group Holdings…


Liquidator queried skinny surplus from Westpac

Jones Partners’ Michael Jones. Liquidator Michael Jones was quick to hose down suggestions of a dispute with Westpac subsidiary Capital Finance after iNO contacted the Jones Partners principal in relation to an application this week in the NSW Supreme Court. iNO’s queries related to orders declaring that a $25,000 surplus Capital Finance generated via the sale of secured assets vested with Jones in his capacity…