Lowe Lippmann director Matt Sweeny. Lowe Lippmann partner Gideon Rathner. There’s certainly been private lenders burnt by the flame out that was Victorian developer PE Capital Funds Management Ltd but more recently some of the insolvency practitioners appointed to wind up parts of the group have also felt the heat. In terms of public grilling none can be said to have been put to the…
Mackay Goodwin director Dave Hurst. When a liquidator’s relying on Assetless Administration funding (AAF), iNO always salts with skepticism any criticism of how that liquidator has conducted litigation the regulator’s funded. After all, if ASIC can find a way to make a liquidator’s life difficult, it will. That does not of course mean it is ASIC’s fault that in the case of Lloyds Curry Shop…
Hogan Sprowles partner Michael Hogan. HoganSprowles partner Christian Sprowles. It’s taken them more than one attempt but the liquidators of failed education provider Cornerstone Investment Aust Pty Ltd (Cornerstone) are finally dealing from a competitive position if not one of outright strength in their pursuit of PwC. ” …. these documents disclose the confidential agreement reached between the plaintiffs and the Department, as well as…
Liquidator Gavin Moss. Photo: iNO Images Some external administrations seem genuinely cursed and given the tribulations experienced by Chifley Advisory boss Gavin Moss, the liquidation of Fogo Brazilia Franchise Holdings Pty Ltd (FBFH) would appear to be one of them. “I would nevertheless have been inclined to make a specified gross sum costs order, having regard to the impecuniosity of the plaintiffs, if the defendant…
HLB Mann Judd managing partner James Henderson. Pearce & Heers’ Mark Pearce. North of the border Pearce & Heers partners Mark Pearce and Michael Dullaway have achieved a significant victory in their tug of war with HLB Mann Judd (SE QLD) over material relating to a business sale transaction HLB Brisbane managing partner James Henderson advised on in late 2018. “The liquidators submitted that there…
Cor Cordis partner Jeremy Nipps. i-Prosperity Underwriting receiver David Levi. Back in August 2020 iNO predicted that the liquidators appointed to various entities within the i-Prosperity group might have trouble persuading creditors to approve future resolutions pertaining to their remuneration. As confirmed by the Minutes of the most recent meeting of the i-Prosperity Pty Ltd Committee of Inspection (COI) that forecast was spot on. By…
Bankrupt IP Sam Henderson. Grant Thornton’s John McInerney. When a company owes the ATO $5 million and would have had an opportunity to pay it but for a settlement that saw it forgo $5 million of $8 million it was owed well, you have to wonder if the professionals engaged to advise on the deal were granted full access to all the facts? The question…
Hall Chadwick’s Cameron Shaw. HLB Mann Judd WA principal Kim Wallman. Liquidators and lawyers are no strangers to the try on and regardless of the ratio of success, it’s a practice very much based on the idea that if nothing is ventured, nothing can possibly be gained. Trying it on in respect of claims for insolvent trading might generally be thought to carry no risk…
Pitcher Partners’ Bryan Hughes. Sheridan’s Chartered Accountants principal Jennifer Low. It’s never a good look when a registered liquidator and senior partner of a national insolvency firm is summonsed to appear for public examination. When the examinee’s brother is involved in the brouhaha and there’s a glimmer of insolvent trading, well, it’s a sight to make eyes sore. “The (Titan) Board are satisfied they acted…
Sydney liquidator Greg Parker has suffered another blow in his ongoing stoush with the former directors of Worldwide Specialty Property Services (WSPS) as he defends allegations of negligence and claims for damages. As explained in Lee v Parker (No 2) [2022] FCA 582 Parker last week lost his bid to force the ex-directors to stump up more than $500,000 in security for costs. The Clarence…