Liquidators

Could $850,000 lighten ASIC metrics burden?

ASIC’s top liquidator cop Thea Eszenyi. There’s nothing like internal ructions inside a big organisation – think chairpersons paid way too much to move from Hong Kong – to loosen a few lips so when ASIC’s chief liquidator cop Thea Eszenyi referred to $850,000 in costs the regulator had recovered from chastened liquidators who she declined to name it wasn’t hard for iNO to establish…


ARITA, TMA square off over SME reforms

TMA Australia President Carl Gunther. There’s nothing like starvation, marinated in the promise of feasts to come, to expose the rifts between rivals. To wit the recent outbreak of unpleasantries between the Australian Restructuring and Turnaround Association (ARITA) and the Turnaround Management Association (TMA), which began after ARITA announced late last month that it had detected a potential issue with section 588GAAA Safe harbour— temporary…


Liquidator’s departure announced by lawyer

Departed Hall Chadwick – David Ross. You know a referral relationship must be tight when an insolvency firm’s lawyer announces the resignation of a senior partner by posting the orders listing the exads the partner’s retiring from on social media. That’s at least what we thought when we saw a post by DSS Law’s Ben Skinner recently declaring that he had “had the pleasure of…


Liquidator facing alleged 180, 181 breaches

Sydney liquidator Greg Parker has been handed a potential migraine after a judge ordered ASIC to reinstate two companies wound up by Parker and subsequently deregistered in 2016 and 2019. The companies – Worldwide Speciality Property Services Pty Ltd (WSPS) and Serif Pty Ltd (Serif) – between them controlled a suite of patents lodged in the US. Those patents have since expired and the companies’…


KPMG duo frustrated as star examinee misses 2nd PE

KPMG’s Gayle Dickerson. KPMG’s Stephen Vaughan. KPMG’s Gayle Dickerson and Stephen Vaughan must have strained shoulders shrugging off Gino Cassaniti’s no shows after the western Sydney businessman again failed to appear for public examination (PE) in relation to RC Group (Aust) Pty Ltd (RC Group). Cassaniti’s non-attendance meant the scheduled PE by senior counsel Tony McInerny SC had to be abandoned. Unlike the previous week…


PKF pounces as Hall Chadwick bounces

In: PKF’s Paul Allen. Out: Hall Chadwick’s Richard Lawrence. The torment endured by Hall Chadwick pair Richard Lawrence and Richard Albarran these last 18 months came to an end this week when creditors of Tauro Capital (In Liq) turfed them out to make way for Paul Allen and Jason Stone from PKF. iNO’s agents in Melbourne reported that Tauro creditors, some of whom had been…


Liquidator chases D&O claim via bankruptcy trustee

Meerten Charted Accountants founder Austin Taylor. Duncan Powell’s Stephen Duncan. Maybe they have long memories down in South Australia? iNO doesn’t know. We didn’t stay. But locals like Austin Taylor of Meertens Chartered Accountants would appear to at least be willing to go way back if the revelations contained in Taylor (liquidator) v Trustee, bankrupt estate of Heading, in the matter of Heading [2020] FCA…


Court refuses trust asset indemnity pre-examination

No trust asset indemnity ex ante – Hogan Sprowles’ Partner Chris Sprowles. Hogan Sprowles‘ Chris Sprowles‘ must have had the confidence meter on full recently when he sought priority over contested trust assets to ensure he was indemnified for undertaking a public examination, to be conducted after he obtained the indemnity. As is revealed in Structum Pty Ltd v CWCN Pty Ltd [2020] NSWSC 1314…


Liquidator registers interest for fees on PPSR – briefly

Jirsch Sutherland’s Malcolm Howell. While nobody’s giving much away it would seem that the liquidation of AFX Group Proprietary Limited is quite the cluster___. “Messy” was how one insider described the related party-laden morass to iNO yesterday and no doubt Jirsch Sutherland partner Malcolm Howell, who is owed more than a quarter of a million in fees, would agree. As iNO previously reported Howell was…


Ex-liquidator summonsed in Project Cargo tax probe

Ex-liquidator David Iannuzzi. Veritas Advisory’s David Iannuzzi may have avoided a grilling last year when he consented to orders banning him from practising as a liquidator for a decade but that won’t prevent him appearing next week in public examinations being conducted by the liquidators of RC Group (Aust) Limited (RC Group) as part of the ATO’s Project Cargo inquiry into alleged tax evasion. Iannuzzi…