After all the defiance and all the warnings McGrathNicol and the FEG Recovery Unit have turned demure as mice and settled their differences in a confidential arrangement that allows for no comment. Such was the outcome this week in the Federal Court when Justice Brigitte Markovic made orders by consent in Commonwealth of Australia represented by the Department of Employment V Peter McKenzie Anderson & Ors….
Melbourne liquidator Andrew Poulter has picked up the kind of appointment that might be expected to attract close attention. A fortnight ago Poulter filed his Declaration of Independence, Relevant Relationships and Indemnities (DIRRI) in relation to a company called PBDB Services Pty Ltd. The DIRRI revealed that the referrer was fellow Melbourne-based liquidator Ross McDermott, who, in between listening to your correspondent’s enquiries, took the…
It would have been quite a sight seeing ASIC investigators involved in the regulator’s achingly drawn out pursuit of Peter Macks cross-examined by the South Australian-based liquidator but it is not to be, with Justice Sam Doyle of the Supreme Court of South Australia declining to countenance such entertainments. In Australian Securities and Investments Commission v Macks [2018] SASC 132 the judge revealed how he had refused…
It was an awkward few hours in the witness box for liquidator David Iannuzzi on Wednesday, with the the Veritas Advisory principal at one point providing a description of a company director who only hours earlier sat in the same chair insisting the pair had never met. Iannuzzi was in court as part of public examinations being run by the Commonwealth’s FEG Recovery Unit, which is investigating the circumstances around…
INO’s culinary attache recently made note of Veritas Advisory’s David Iannuzzi and Steve Naidenov enjoying the splendid fare at high end Chinese restaurant Spice Temple, observing that the pair, who are currently being examined by the FEG Recovery Unit in regard to their handling of the MK Floors liquidation, were reportedly relaxed and enjoying their lunch with unidentified guests. The report from our source neatly corresponded with a letter…
It’s not exactly Linc Energy but asset contamination can still poison the insolvency process even when it occurs on a vastly smaller scale – just ask Glenn Crisp and Malcolm Howell. The Jirsch Sutherland pair are liquidators of Bonnie View Petroleum Pty Ltd, which in 2010 arranged to sell its 19 petrol stations to larger rival, United Petroleum Pty Ltd. Of the 19 servos Bonnie View…
What a liquidator and ASIC jointly affirm in an enforceable undertaking (EU), a tax agent can seemingly refute in a few hours of public examination. Such was what INO witnessed last Friday in the Federal Court as accountant and registered tax agent Frank Bruzzano denied ever having provided advice on the solvency or otherwise of any company or client, including Lidcombe Plastering Services Pty Ltd (LPS), its…
Hard on the heels of ex-Treasurer Peter Costello’s savaging of the corporate regulator comes INO’s own ASIC-induced fulmination, ignited by an erroneous response to a straight forward question about the proposed Reviewing Liquidators Panel (RLP). As many INO readers will know, on Tuesday this week Thea Eszenyi from ASIC’s Insolvency Practitioners Stakeholder Team sent an email to registered liquidators advising that ASIC was establishing a Reviewing Liquidator Panel (RLP),…
Well known and highly regarded insolvency practitioner David Young has died suddenly after a two year battle with cancer. He passed away after learning last week that the disease, which he thought he was beating, had turned terminal. Lawyer and close friend Michael Hayter said David was one of the good guys of the insolvency profession and had been inspirational in his final days. “He…
Queensland liquidator Peter Dinoris has been forced to enter into an enforceable undertaking with ASIC in relation to the Asden Developments scandal, where Dinoris’s failure to make efforts to contact a director who’d siphoned large sums from a company attracted stiff criticism in the courts. The subsequent publicity saw Dinoris part company with Vincents and set up Artemis Insolvency. In a media release published this…