Menzies Advisory’s Michael Caspaney. Victorian liquidator Peter Goodin. It’s past indiscretions at 10 paces in the Federal Court this week as interests associated with the Modscape Group continue to do everything they can to prevent the liquidator who had concerns about their 2017 restructure being paid the fees he earned and the expenses he incurred during his tumultuous, 11 month tenure. “Mr Luntz does not…
Mackay Goodwin principal Domenic Calabretta. Mackay Goodwin director Edwin Narayan. Two Sydney practitioners who tried to stall a winding up so they could put a DoCA proposal to creditors have lost the application and the gig after a court refused to adjourn the hearing and sided with the petitioning creditor’s preferred nominee as liquidator. The bid for an adjournment in the matter of The Deputy…
Hall Chadwick’s Richard Lawrence. Hall Chadwick’s Richard Albarran. The latest chapter in the fight by Richard Albarran and Richard Lawrence to be paid outstanding remuneration for their time as liquidators of start-up accelerator Tauro Capital (Tauro) could be cut short if Tauro creditors like the latest solution being proposed. Today it’s expected that the current liquidators of Tauro will distribute a report that includes a…
FTI Consulting’s John Park. LMIM receiver David Whyte. FTI Consulting’s John Park is not helping former BDO Partner David Whyte walk away from insolvency without a care, not when there’s a fight over $5 million in adverse costs still to be had. Despite retiring in 2021 Whyte is still in the thick of it in respect of at least one appointment thanks to Park and…
Dye & Co’s Nicholas Giasoumi. Nine months might seem a fair old span to let pass before asking a court to declare that you’ve acted reasonably in trading on a bare trustee but as former Prime Minister John Howard likes to remind us, context is everything. To begin with, knowing that the sole function of the company to which you’re appointed was to act as…
Dye & Co’s Hamish MacKinnon. Dye & Co’s Nicholas Giasoumi. Issuing demands for payment of claims unproven at the time the demands are issued might well be a common practice but Federal Court judge David O’Callaghan has placed it on the endangered list. In his decision in Gadsden v MacKinnon (Liquidator), in the matter of Allibi Pty Ltd (in liq) [2023] FCA 647 Justice O’Callaghan…
Balance Insolvency principal Tim Cook. An abundance of caution. If ever there was a phrase that gets an airing in most if not all court applications it would be this, at least when those applications involve an insolvency practitioner seeking fee approval for work performed as both liquidator of a corporate trustee and receiver of the associated trust assets. The reason for the phrase’s frequency…
FerrierSilvia’s Brian Silvia. One of the great challenges for the highly productive professional is resisting the temptation to spread oneself too thinly. There are only so many appointments, directorships and fiduciaries an individual can hold before their capacity to perform is diminished by an escalating volume of tasks, and if that tipping point is either not recognised or seen as another challenge to be surmounted…
Aston Chace principal Steve Naidenov. ASIC has referred Aston Chace co-principal Steve Naidenov to a schedule 2 disciplinary committee following the issuance of a show cause notice. According to a Form 986 posted on ASIC’s website, Naidenov has allegedly contravened a provision of the Corporations Act’s Insolvency Practice Schedule, has failed to carry out his duties as a liquidator and is not a fit and…
FEG Active Creditor Recovery Unit Director Henry Carr. As iNO reported recently, Commonwealth FEG recovery Czar Henry Carr doesn’t like losing which is why it’s no surprise to learn that the taxpayer-backed Active Creditor Unit has filed a notice of intention to appeal in respect of the decision In the matter of BCA National Training Group Pty Ltd (in liq) [2023] NSWSC 366. The notice…