Liquidators

Worrells walloped in dispute with ex-partner

Oracle Advisory founder Nick Cooper. Worrells partner Paul Burness. There’ll be a gnashing of teeth among Worrells’ equity partners after a court ordered Worrells Services Pty Ltd (Services) – which houses the Worrells network’s liquidation file data – to pay indemnity costs to former Worrells South Australia (SA) partner Nick Cooper. In a recent judgment handed down by Supreme Court of South Australia judge Katrina…


FEG gunning for receivers’ fees and secured’s divvie

FEG Active Creditor Recovery Unit Director Henry Carr. There may be much for circulating asset aficionados to ponder in the event that the Commonwealth – through its FEG Recovery Division – commences proceedings against the former receivers of Castel Electronics Pty Ltd. iNO says if because at this point all the Commonwealth has done is obtain orders ensuring that the company cannot be deregistered by…


Hall Chadwick trio pushing lien envelope as fees mount

Hall Chadwick’s Richard Lawrence. Hall Chadwick’s Richard Albarran. Sometime soon we should know whether an administrator trading on a business can claim a lien over funds generated from the sale – by receivers – of assets that were never the property of the company to which the administrators were appointed, and couldn’t be said to have been possessed, preserved and realised by the administrators exclusively…


SPL bid founders as judge queries “onerous” fee

WLP Restructuring’s Glenn Livingstone. Hall Chadwick partner Sule Arnautovic. Coming before a judge with an incompletely charted special purpose liquidator (SPL) application must be considered to be a fraught exercise. But when the aspiring SPL’s proposed funder also demands an ogre-sized serving of any proceeds of litigation well, why bother incurring the filing fee? In this case those applicants – Philip King’s Rockgold Holdings and…


Liquidator’s underestimate might irk ATO

Aston Chace Group partner Ian Niccol. When you pitch a fee estimate of $50,000 for a liquidation and a few years later ask a judge to approve more than three times more you can be sure questions will be asked about such an underestimate. For the NSW Supreme Court’s chief judge in equity David Hammerschlag, several questions occurred when the remuneration application in the matter…


Liquidators fail to have summonses dismissed

KPMG partner James Dampney. KPMG’s Peter Gothard. Electing to flog a chilled foods business to its main competitor has come back to bite current and ex-KPMG partners after they failed this week to have examinations summonses issued by the former owner of the business dismissed. On Wednesday in the NSW Supreme Court Judge Kate Williams ruled that Peter Gothard, James Dampney and former KPMG senior…


Bid to appeal indemnity costs crunched

I&R Advisory partner David Ross. Hall Chadwick partner Blair Pleash. There’s admirable persistence and then there’s futile pursuit. iNO would not presume to opine on where the line between the two lies and in fact, armed with the recent judgment of Ross (Liquidator) in the matter of Print Mail Logistics (International) Pty Ltd (In Liq) v Elias [2022] FCA 296, speculation is unnecessary. The judgement,…


Spitfire decision adds to certainty around priority

Olvera Advisors’ Kate Barnet. Olvera Advisors’ Damien Hodgkinson. There would have been some fist pumping – as an expression of triumph of course – in the Barton Circuit offices of the FEG Recovery Unit last week after a judge ruled that the Commonwealth, subrogated to the rights of employees of a company in liquidation, took priority ahead of a secured creditor in respect of competing…


Liquidators ordered to pay $125k each

Pitcher Partners’ Andrew Yeo. Victorian liquidator Ross McDermott. It’s been some time but the wearisome tale of Lonnex, a company connected to the late Dr Geoffrey Edelstein, could be at an end after Pitcher Partners’ Andrew Yeo obtained court approval for a deal that ends the ongoing scrap between major creditor the ATO and Lonnex’s former liquidators. Details of this dispute’s seeming resolution were delivered…


Aspiring SPL likely to meet resistance from secureds

Hall Chadwick partner Sule Arnautovic. WLP Restructuring’s Glenn Livingstone. Another wholly uncelestial body is being positioned to take up orbit around the Jabiru Satellite and Newsat administrations with proceedings commenced in the NSW Supreme Court this month to appoint Hall Chadwick partner Sule Arnautovic as special purpose liquidator (SPL). On Monday the applicant’s counsel David Sulan SC told Justice Ashley Black that Jabiru and NewSat…