The Federal Court has ruled that Vincents partner Peter Dinoris failed in his duties by not contacting the director who appointed him voluntary liquidator of her company, despite the director transferring $236,500 from the company’s bank account just days prior to his appointment. In a judgment handed down last week, Federal Court Judge John Reeves found that “Mr Dinoris contravened s 180(1) of the Corporations Act by failing…
“We’re talking”. That’s almost all the special purpose liquidator of Octaviar Limited (OL) would say yesterday when SiN phoned to enquire about that mammoth and as yet unresolved proof of debt (PoD) action RSM’s David Kerr holds against OL’s sister company Octaviar Administration (OA). OA is currently in the hands of general purpose liquidators Kate Barnett and Bill Fletcher from Bentleys Corporate Recovery. “We are working at resolving…
Jirsch Sutherland’s Sydney head has been ordered to pay up to $20,000 from his own pocket after a judge ruled he displayed a “degree of unreasonableness” while liquidator of a company connected to a dispute over building works on Sydney’s Northern Beaches. The unusual hip pocket penalty came courtesy of Supreme Court Justice Ashley Black, who found that Jirsch managing partner Sule Arnautovic should have given…
Less than 24 hours after being appointed liquidator to a printing business in the heart of Tony Abbott’s seat of Warringah, Jirsch Sutherland’s Amanda Young found herself with a problem. It was Saturday morning, June 18 when the power went down at the Roller Poster Company. Everything that required electricity at the company’s rented premises in Brookvale stopped. Including the roller door. But Young, who’d…
The Quayside Room atop the Museum of Contemporary Art was abuzz last night as various FTI Consulting bigwigs, staff and clients gathered to hear Australian restructuring chief John Park discuss the peculiarities associated with being liquidator of Queensland Nickel. Regrettably Park’s talk – largely the same as the one he gave at the ARITA National Conference last month – was delivered according to the infernal…
Jirsch Sutherland’s Glenn Crisp and Renee Di Carlo must be relieved. NSW Supreme Court Judge Ashley Black has approved their application to distribute a preferential payment to a funding creditor without uttering a single Breretonism about their pay. Quite the contrary in fact. As liquidator of Waterfront Investments Group, Crisp wanted to pay creditor Owners Strata Plan 80454 (OSP) a $50,750.98 preferential payment and made application…
John Lindholm is not a name one associates with controversy. A few years short of Ferrier Hodgson’s compulsory retirement age, the Melbourne office’s straight-talking chief has a sound record. But circumstance thrusts contention upon unlikely bearers and Lindholm is currently dallying with unwelcome publicity thanks to his role as administrator of failed vocational education group Australian Careers Network (ACN) Group; his trading of Showgirls Bar…
Liquidators can on occasion err in pursuit of a preference but incorrectly defining insolvency and testifying as one’s own expert witness? The cake has well and truly been taken. Or at least it has if you accept the conclusions of the Federal Court’s Justice Jim Edelman In the matter of FPJ Group Pty Ltd (In Liquidation). His honour’s judgement deals with a $153,554.00 claim for…
THE politically-charged liquidation of Bruck Textile Technologies (BTT) has catapulted HLB Man Judd partners Andrew Needham and Barry Taylor to number four on the list of Assetless Administration Fund (AAF) recipients. Since December 2014 Needham and Taylor have received $499,647.50 in AAF monies to fund their investigations into BTT’s controversial restructure, which took place prior to their appointment by creditors voluntary liquidation on July 11, 2014. Half…
ASIC and the Department of Employment’s (DoE) Active Creditor Program are for the first time simultaneously funding liquidators in a bid to unpick the 2014 restructure of Bruck Textiles Technologies (BTT). BTT was wound up by a creditors voluntary liquidation (CVL) initiated by its shareholder, Australian Textile Group (ATG) on July 11, 2014. HLB Man Judd’s Andrew Needham and Barry Taylor were appointed joint liquidators. A day…