PwC’s Derrick Vickers and the Committee of Inspection (COI) of the failed construction contractor Ostwald Bros Pty Ltd (OB) are set to clash when the parties convene next week for the hearing of Vicker’s rule 80-55 court application to validate transactions he entered into with various former COI members whilst trading OB in administration and in liquidation. Minutes of an informal COI meeting held yesterday reveal…
There’s nothing like a review of remuneration, as ordered by Justice Paul “Proportionality” Brereton, to cull the swagger from an IP’s stride and this week it was Mackay Goodwin’s Domenic Calabretta and Grahame Ward stepping carefully as court was convened. In the matter of Securimax the pair have been on eggshells since August 2017 when Justice Brereton concluded that if administrators get 66 per cent of the…
As the shockwave from Friday’s revelations about former PPB Advisory (PPBA) partner David Leigh spreads two separate issues are emerging. One relates to the very well regarded Leigh and what might’ve driven him to transfer, as is alleged by PPBA, $800,000 in three tranches from an account connected to Neolido Holdings Pty Ltd (In Liquidation) to an account connected to his private company Peach Pty Ltd. The rumour…
The ongoing examination into the affairs of Australia’s largest private precious metals smelter continues to provide ore for SiN’s mill. As has been previously reported, the companies at the heart of this affair were served by the ATO with a $200 million plus bill for unpaid GST and penalties back in 2017 and are contesting it every inch of the way in the courts. That…
The Department of Employment’s FEG Recovery Unit has forced the adjournment of an application by PwC’s Derrick Vickers seeking to validate transactions he entered into with various creditors of failed construction contractor, Ostwald Bros Pty Ltd (OB). Vickers had sought to kick off the application on Wednesday but the FEG team turned up and were successful in having the matter adjourned until March 13. According to sources close…
Cor Cordis Melbourne partner Dennis Turner received an unwanted Christmas missive last year when ASIC served the Melbourne-based liquidator and bankruptcy trustee with a Schedule 2 disciplinary referral on December 20. The Form 986, while largely devoid of detail, cites as the alleged misconduct: “Actual or perceived conflict of interest or duty” and “Failure to disclose giving rise to actual or perceived conflict of interest or duty”….
After a year during which his family was targeted with death threats by people known to the police, Rodgers Reidy partner Rob Moody has decided he’s had enough. SiN understands Moodie, who did not want to comment for this story, asked ASIC to cancel his liquidator’s registration some time late last year after deciding he’d had enough of the insolvency game, particularly in regards to dealing with small business…
Our coverage in Robinson’s Reed Blitz Could Attract FEG Attention prompted PPB Advisory partner Mark Robinson to counter with information he believes extinguishes any suggestion that the Commonwealth via the FEG Recovery Unit might be entitled to consider it has a priority claim on funds recovered so far. Robinson pointed out that when Reed’s directors placed the company into voluntary administration (VA) back in June 2012, Ferrier…
It seems that when a liquidator applies to the court for approval of his or her remuneration, advising the judge that you’re offering a big discount doesn’t harm your chances. In Deputy Commissioner of Taxation v Addwealth Financial Services Pty Ltd (in liq) [2018] FCA 96 we learn that BRI Ferrier WA principal John Carrello sought judicial approval for fees of $25,000 plus GST and expenses for work Carrello…
Hell hath no fury like a Committee of Inspection (COI) convinced it’s been kept in the dark – just ask Derrick Vickers. PwC’s national head of corporate finance and restructuring was appointed voluntary administrator (VA) of Queensland-based Ostwald Bros Pty Ltd and two other Ostwald group entities back on August 28, 2017, just two days before the commencement of tranche 2 of the Insolvency Law Reform Act (2017). Now…