It’s not often that a liquidator confirms that three liquidators will suffice on a job that for 18 months has required four but FTI Consulting’s John Park did so yesterday in response to a query from SiN about his colleague and fellow general purpose liquidator (GPL) of Queensland Nickel, Stefan Dopking. “Correct. Three GPL’s all that is needed. Cheers John”, Park said by way of a…
Here’s an unholy shemozzle for the Federal Court to exorcise. Two banks, each with multi-million dollar exposures to separate companies within the same group. Four appointees, installed at some point as either receivers or liquidators of various companies within said group. Add the main shareholder and director, who’s defending one bank’s attempts to bankrupt him. Toss in ASIC. Season with allegations that receivers took possession…
It was back in June that Justice Paul Brereton of the NSW Supreme Court ordered that three Deloitte partners be appointed provisional liquidators of various companies connected to the $165 million Plutus Payroll tax fraud scandal, but it’s his comments in the judgment supporting those orders that might be of interest to readers of SiN. The application to appoint Deloitte’s Tim Norman, Ezio Senatori and Sal Algeri …
In the public interest SiN has resolved to update Supreme Court of NSW judge Paul Brereton about where the corporate regulator hatches its plots from these days because it transpires that the mother of all Corps List curmudgeons isn’t certain that ASIC has moved from 1 Martin Place. The judge’s recollection of the days when ASIC’s modestly remunerated minions enjoyed awkward silences with Macquarie Bank‘s…
Subbies United, the online sub-contractors collective assisting unsecured creditors in construction and related industry insolvencies, has flexed its muscles again. At the first meeting of creditors of Queensland One Homes Pty Ltd yesterday, Anne-Marie Barley found herself with little choice but to relinquish her role as liquidator after a vote to replace her was carried by the numbers three to one. Assuming the mantle was Menzies…
An excellent example of the complexities involved in tying up profuse loose ends is usually to be found whenever a liquidator retires, dies, is struck off or, in the case of Adelaide practitioner Rob Naudi, leaves one firm for another. Naudi had been firmly ensconced at PPB Advisory until the top tier decided it couldn’t make a buck in the Hermit State of Comrade Jay and upped stumps….
Well this might propel skyward even the most obese of eyebrows. In a judgment delivered in April this year but updated yesterday NSW Supreme Court judge Ashley Black recounts the curious tale whereby SV Partners’ Daniel Quinn and Darren Vardy took charge – albeit briefly – as voluntary administrators (VAs) of Hunter Valley-based Dan Phillips Holdings Pty Ltd. Their appointment came just as a wind…
RSM’s Peter Marsden and Richard Stone have avoided having their remuneration on the Cardinal Project Services administration inducted into the cult of proportionality after one of the concept’s most ardent advocates dismissed a creditor’s application for a fee review. In his judgment of July 12, 2017 Justice Paul Brereton outlined how since their appointment – initially as voluntary administrators (VAs) in 2011 – the RSM…
A bid by Deloitte pair David Lombe and Robert Woods to transfer their stoush with solar cell installer Massive Solar (MS) from Sydney to Melbourne has failed after a judge concluded that “the interests of justice require that the proceedings continue in this Court.” Lombe and Woods were appointed liquidator to Inverter Solar (IS) by order of the Supreme Court of Victoria on July 13, 2016….
He might be banned from managing corporations and bankrupt to boot but Nathan Tinkler can still rely on his mate Gerry Harvey to agree to a round of golf, thanks in part perhaps to the efforts of Deloitte restructuring guru Neil Cussen. Cussen revealed yesterday that he and colleague David Mansfield had sold the last property holdings attaching to Tinkler’s former horse breeding and agistment business Patinack…