iNO Opinion FEG Recovery Unit Director Henry Carr. Vannin Asia Pacific head Tom McDonald. It would’ve been either touchingly naive or perilously optimistic to think the $110 million Clive Palmer agreed to pay to Queensland Nickel (QN) special purpose liquidator earlier this month would strip any heat from the ongoing litigation. In iNO’s opinion, the eye watering settlement Steve Parbery extracted might inspire Palmer to…
Squire Patton Boggs’ Amanda Banton. An interesting stoush has broken out between Arrium deed administrators (DAs) KordaMentha and Arrium shareholders seeking to publicly examine former director Colin Galbraith. Back in May a Registrar of the NSW Supreme Court issued an examination summons to Galbraith on the application of two shareholders represented by Amanda Banton from Squire Patton Boggs (SPB). Banton’s involvement indicates there’s likely a…
Menzies Advisory’s Michael Caspaney Those construction industry insolvencies seem to have particularly restive committees of inspection (COIs) and it may be that the Walton Construction entities in liquidation fall into this category given the judgment handed down last week. In the matter of Williams & Kersten Pty Ltd ACN 141 894 724 & Anor v Walton Construction (QLD) Pty Ltd (In Liquidation) ACN 100 833…
Hall Chadwick’s Blair Pleash. Hall Chadwick’s Richard Albarran. As can be seen from the latest judgment in the Equititrust saga, it can be tough to make the case that litigation funding benefits anyone other than the lawyers, the insolvency practitioners and the funder when creditors collect zeros. That of course is not to suggest litigation funding has no place. Far from it. In unfunded insolvencies…
McGrathNicol’s Rob Brauer. McGrathNicol’s Rob Kirman. The two Robs, Messrs Kirman and Brauer have been served some work from the Forge Group liquidation courtesy of KPMG’s takeover of Ferrier Hodgson. Last week in the Supreme Court of West Australia, orders were made appointing the McGrathNicol pair special purpose liquidators (SPLs). Those orders were made on the application of Martin Jones and Wayne Rushton, Forge’s general…
BPS Recovery’s Mitchell Ball. BPS Recovery’s Mitchell Ball has dodged a bullet after forgery allegations raised doubts about the validity of his appointment in August 2013 as liquidator of Bluemine Pty Ltd. In the NSW Supreme Court yesterday INO listened with mounting interest as the court heard that a former director of Bluemine – one Gino Cassiniti – wanted to withdraw previous admissions he’d made…
BRI Ferrier’s Andrew Cummins. PKFs’ Trent Hancock. You have to admire the nerve of a director who demands a special purpose liquidator (SPL) stump up $150,000 in security for costs ahead of proceedings brought by the SPL against the director for allegedly stripping his company of assets before executing a phoenix. Such nerve however is on display In the matter of 77738930144 Pty Limited (in…
PKFs’ Trent Hancock. Trent Hancock will have to divulge details of a litigation funding agreement after a Federal Court judge ruled that Shadd Danesi was entitled to see aspects of the agreement in respect of proceedings Hancock has commenced to recover $6.4 million from the bar baron. Hancock – in his capacity as liquidator of South Townsville Developments – is trying to recover the funds…
Jirsch Sutherland Melbourne partner Glenn Crisp has had a win of sorts over the Deputy Commissioner of Taxation (DCoT) in regards to his tenure, his fees and a proposed litigation funding agreement. In the matter of Imagebuild Group Pty Ltd [2019] VSC 213 (5 April 2019) we get a detailed breakdown of why the DCoT regarded Crisp’s claims for remuneration as excessive and how Crisp…
JUSTKapital founder Phil Kapp. Former Corrs high flyer and JUSTKapital co-founder Philip Kapp declared bankruptcy earlier this month after a lengthy battle with cancer left him financially vulnerable to attack by the Australian Tax Office (ATO). In recent days Kapp has been informing friends and business associates of the reasons for his declaration of bankruptcy on March 4, 2019. Assuring them that his work is…