Insolvency practitioners (IPs) have long known that to make it as a corporate resurrectionist you need a hide like rhinocerous whose mother was an elephant from a family of pachyderms predisposed to exceptionally robust skin thicknesses. An impressive epidermis however wouldn’t be the only reason Ferrier Hodgson’s new star recruit Steve Parbery hasn’t joined his FTI Consulting counterparts in suing one Clive Frederick Palmer for defamation. Parbery…
Whilst INO’s not intentionally focussing on Veritas Advisory, the firm certainly seems to have its cup full in recent times and this week we came across the interesting case of Peter O’Brien Constructions Pty Ltd, which recently passed from the control of Veritas principal Steve Naidenov to the RSM duo of Frank Lo Pilato and Jonathan Colbran. One of the most notable elements of this matter relates…
Pitcher Partners Andrew Yeo and Gess Rambaldi have extracted a decision from the Federal Court that goes a long way to affirming the insolvency law reforms dealing with causes of action and what insolvency practitioners can do with them. “The decision hopefully supports the closely related law reforms from September 2017,” Yeo and Rambaldi told Insolvency News Online (INO). “Prior to the changes, the liquidator…
Maybe it’s a good thing but among the most glaring absences from the carefully-crafted commentary accompanying news of the latest raids on tax rogues were any references to liquidators. After more than 250 ATO officers and police raided 11 commercial and residential premises in Victoria on Wednesday the ATO released a statement in which it described the targets of the raids as rogue tax agents who…
Robyn Erskine, who last year replaced David Iannuzzi as liquidator of North Shore Property Developments, has failed in a legal bid that would’ve given her more time to challenge a generous seeming compromise entered into by her predecessor. In Erskine v 72-74 Gordon Crescent Lane Cove Pty Ltd, in the matter of North Shore Property Developments Pty Ltd (in liq) [2018] FCA 109 we learn that Iannuzzi…
The MV Developments liquidation may go down as a textbook case of how not to avoid a finding of unreasonable conduct and how difficult it can be to wind up a property development when there are competing prospective purchasers, multiple registered security holders and a director who admits accepting casino chips as deposits. This after all is the job that drove Rodgers Reidy’s Rob Moodie…
Embattled Sydney liquidator David Iannuzzi is headed for trial after Federal Court judge Nye Perram delivered judgement this week on an application launched by the tax office for a judicial inquiry into Iannuzzi’s conduct. The tax personage wants Iannuzzi banned for 10 years and restrained from working as an insolvency practitioner for the same period. For good measure it also wants the court to order Iannuzzi…
It might almost read like something from the Golden Age of Russian Literature, save for the fact that none of the characters are from Russia, nobody dies and the main players don’t end the story lamenting their role and pining for a simpler life harvesting permafrost. No indeed. A liquidator has in fact emerged triumphant from the latest instalment of the tragic and enduring tale…
It doesn’t do to mix your WIP. Nor does it do to confuse a judge. Hall Chadwick duo Richard Albarran and David Ross may have accidentally done both, and it’s cost them eighty grand. The recent lopping of around three quarters off their claim for remuneration as receivers of the DOH Family Trust follows a period during which Albarran and Ross have also acted as 1) voluntary administrators of…
Deloitte’s David Mansfield has come away with a shiner from a challenge he brought on in the District court of NSW after an earlier bout left him bloodied and leaking costs. In December 2017 a NSW District Court judge ordered Mansfield to pay the costs of a defendant in proceedings he’d brought against directors of the Camperdown Bowling & Recreation Club Ltd (CB&RC). Mansfield was appointed…