Liquidators

Liquidator succeeds in $150k adverse costs appeal

Vincents’ Nick Combis. Vincents’ Nick Combis has been successful in appealing a decision of the District Court of Queensland requiring him to pay $150k in costs after he had sought to claw back more than $350,000 for creditors of Queensland Quarry Group. The ruling last week in Queensland Quarry Group Pty Ltd (in liq) & Anor v Cosgrove [2019] QCA 220 (18 October 2019) means…


Accidental deregistration costs embattled IP $10k

Amos Insolvency’s Peter Amos. Last week iNO revealed that Peter Amos was one of two liquidators being subjected to the scrutiny of an external reviewing liquidator (RevLiq) from ASIC’s panel. This week we learned that it’s not just an ASIC-backed RevLiq that has questions for the south-west Sydney-based IP. During a hearing in the Federal Court on Wednesday we heard how PwC’s redoubtable Scott duo…


PPB

PPB duo reunited as Reed Constructions hearing starts

dVT’s Mark Robinson. PwC’s Daniel Walley. It’s been a long time coming but the insolvent trading claim against directors of Reed Construction Australia (RCA) kicked off in the NSW Supreme Court yesterday and reunited in the court were two members of the PPB alumni. Readers may recall that former PPB favourite son Mark Robinson was appointed by the courts to wind up RCA back in…


Fair Work Ombudsman redefines DoCA limits

Deloitte’s Neil Cussen. Ex-Deloitte Canberra partner Eddie Senatore. Those familiar with the decision of the Federal Court in Fair Work Ombudsman v Foot & Thai Massage Pty Ltd (in liquidation) [2019] FCA 1601 will know that it has some interesting implications for insolvency practitioners in terms of what claims are and are not extinguished by a DoCA, as well providing lurid and engaging details in…


Liquidator Peter Amos subject of RevLiq scrutiny

Subject to a RevLiq: Amos Insolvency’s Peter Amos. Editor’s Note: iNO reported in an earlier version of this story that AAF funds would be recovered via the Industry Funding Levy. ASIC has since advised that this is NOT the case. After reporting last week on the appointment by ASIC of two Reviewing Liquidators (RevLiqs) iNO has learned that one of the unfortunates under review is…


Cor Cordis pair to pay $10k for bungled deregistration

Cor Cordis partner Alan Walker. Being replaced as liquidators is no reason to lodge a Form 5603 (End of administration return) with ASIC but that is what Cor Cordis partner Alan Walker apparently did back in January this year after he and colleague Jason Bing-Fai Tang were ousted a month earlier. The unfortunate consequence of this error was that the replacement liquidators – PwC’s Daniel…


Reviewing liquidator engagements to test ASIC

Worrells partner Simon Cathro. Brooke Bird’s Robyn Erskine. Apart from ASIC’s April 2019 Corporate Insolvency Update there’s been precious from the regulator in regards to the work of the Reviewing Liquidator’s (RevLiq) Panel, set up at the beginning of the year to give effect to the Insolvency Law Reform Act 2016 (ILRA 2016) reforms. iNO had hoped that would change this week after we sent…


Liquidator appeals partnership finding

CRS Warner principal Anthony Warner Insolvency Experts’ principal Steve Kugel. It’s almost right on five years since they split but Anthony Warner and Steve Kugel remain locked in litigation over the proceeds of their partnership, which was dissolved in spirits of acrimony in 2014. The latest round in this battle has Warner appealing the October 2018 judgment of Justice Guy Parker, who found that the…


Olde to establish Ankura restructuring after FTI adios

Bound for Ankura – Liquidator Quentin Olde. Liquidator Quentin Olde looks to be preparing to establish an Asia Pacific restructuring practice for global professional services firm Ankura after resigning earlier this year as a senior managing director at FTI Consulting. Olde, who is on gardening leave until October 1, confirmed yesterday that he had joined the US headquartered, multi-disciplinary advisory firm but otherwise declined to…


Companies shut by besieged liquidator reinstated

Liquidator David Iannuzzi. The Federal Court has ordered ASIC reinstate companies deregistered by David Nicholas Iannuzzi, the Sydney-based liquidator facing a 10 year ban after the Commissioner of Taxation (CoT) applied in 2017 for a judicial inquiry into his conduct. Justice Angus Stewart made the orders on Monday September 2, 2019, further ordering that KPMG’s Gayle Dickerson and Stephen Vaughan be appointed liquidators of the…