BRI Ferrier’s Andrew Cummins. PKFs’ Trent Hancock. You have to admire the nerve of a director who demands a special purpose liquidator (SPL) stump up $150,000 in security for costs ahead of proceedings brought by the SPL against the director for allegedly stripping his company of assets before executing a phoenix. Such nerve however is on display In the matter of 77738930144 Pty Limited (in…
ASIC’s Thea Eszenyi. You wouldn’t know it based on the Australian Financial Review’s (AFR) headline this morning but Deloitte and ASIC are in fact still speaking to each other and registered liquidators should be worried. The Fin’s Professional Services editor Edmund Tadros reported that Deloitte had laid into ASIC after the regulator apparently determined Deloitte’s 32 per cent audit quality problem rate ranked well above…
At Jirsch Sutherland no more. Ginette Muller. Image supplied. Little more than a year after merging her boutique advisory with Jirsch Sutherland’s Brisbane office Ginette Muller has stunned her partners by resigning. In a statement yesterday, Jirsch Queensland partner Chris Baskerville expressed regret at the departure of his old boss just 14 months after GM Advisory and Jirsch merged in March 2018. “There was a…
Jirsch Sutherland managing partner Bradd Morelli. Image: Linked In. The move to dislodge Jirsch Sutherland’s Bradd Morelli and Trent Devine as liquidators of FW Projects is gathering pace. On Monday the NSW Supreme Court heard that plaintiff creditor Hindmarsh Construction Australia (HCA) wanted the Jirsch pair replaced. The court also heard that the plaintiff wanted Morelli and Devine restrained from continuing to retain Mills Oakley…
Liquidator Paul Jorgensen. PKF Adelaide partner Paul Jorgensen has reportedly attended to a range of deficiencies in his handling of the liquidation of South Australian builder Unique Urban Built after the issues were helpfully brought to ASIC’s attention by turnaround advisor Eddie Griffiths. Local media outlet InDaily reported this week that in a May 22 report to creditors, Jorgensen admitted that creditors had not been…
Artemis Insolvency’s Peter Dinoris. Queensland liquidator and trustee in bankruptcy Peter Dinoris could be preparing to exit the formal end of the insolvency game after the IP transferred dozens of files to a rival. The Supreme Court of Queensland this week made orders transferring 44 of Dinoris’s court liquidations (CLs) and creditors voluntary liquidations (CVLs) to Jonathan McLeod and Bill Karageozis of McLeod Partners. INO…
PKF Chairman of Partners Paul Jorgensen. PKF chairman of partners Paul Jorgensen has reportedly been the subject of a complaint to ASIC over alleged inadequacies in his handling of the liquidation of South Australian residential builder Unique Urban Built Pty Ltd. Adelaide’s In Daily yesterday reported that Jorgensen was facing a “creditors’ revolt” and that the complaint to ASIC identified “ten separate alleged failures to…
Jirsch Sutherland managing partner Bradd Morelli. Image: Linked In. Bradd Morelli and Trent Devine may be facing a fight to maintain control of the potentially lucrative liquidation of FW Projects Pty Ltd after a creditor commenced action in the NSW Supreme court that could lead to the Jirsch Sutherland partners being either replaced or sidelined by an SPL (Special Purpose Liquidator). The court heard yesterday…
PKFs’ Trent Hancock. PKF’s Trent Hancock has defeated a bid to have proceedings launched by him dismissed as an abuse of process, but will need to cough up more than $157k in security for costs within 21 days to to keep his pursuit of bar baron Shadd Danesi alive. In South Townsville Developments Pty Ltd (in liq) v Lauvan Pty Ltd [2019] FCA 666 Federal…
Despite a court finding there was no phoenix activity ASIC persists in identifying one current and one former liquidator as having been prosecuted for phoenix activity. Once ASIC’s bid for an inquiry into ex-liquidator Andrew Wily and current practitioner David Hurst was dismissed with orders that the regulator also pay the respondents’ costs some among INO’s audience began to articulate the inevitable question. Will ASIC’s…