JUSTKapital founder Phil Kapp. Philip Kapp, the former Clayton Utz supremo who plunged with such gusto into the emerging litigation funding sector, has declared himself bankrupt. Federal Court records show that the Deputy Commissioner of Taxation (DCoT) lodged a bankruptcy notice and creditors petition against Kapp on the National Personal Insolvency Index (NPII) in August last year. A month later the DCoT served Kapp. In…
PwC’s Daniel Walley. It’s not often that special purpose liquidators (SPLs) are appointed on the application of general purpose liquidators (GPLs). Usually a creditor with a beef about conflict is the one doing the applying, and it’s pretty rare for liquidators to surrender fees to anyone, even if they’re not a direct rival. But when a potential claim involves pursuing a government, and that government…
Liquidator Michael Caspaney may soon head to court to have a funding agreement with FEG ratified after creditors of Queensland construction firm Cullen Group Australia rejected the deal on the basis it would bankroll pursuit of sub-contractors who had received more than $4 million in preference payments. Readers of Insolvency News Online may recall that Caspaney was installed at the first meeting of creditors back…
When you’re conducting what might be the largest and most complex public examination ever run by Australian liquidators, maintaining the process without inadvertently creating additional complexity can be challenging, as Pitcher Partners’ Andrew Yeo and Gess Rambaldi have discovered after being dragged into a potential defamation action between one of the examinees and Fairfax Media’s The Age newspaper. On August 28 Tim Batchelor, a locksmith…
The stream of fees that’s flowed from the Tiaro Coal liquidation these last few years could get could a little bloodied after some of the company’s major creditors opened a new front in their war with liquidator Rahul Goyal. The gregarious Goyal – one of KordaMentha’s top revenue generators – has been at odds with major Tiaro creditor the Hudson Investment Group pretty much from the commencement of his…
It was just before the May 21, 2018 annual meeting of creditors of failed builder SX Projects that incumbent liquidator Geoff Reidy was approached by several individuals wanting a quiet word. Intrigued, Reidy agreed to the impromptu chat with the men, who one of INO’s sources described as being of South Pacific islander appearance. Once away from prying ears and eyes however, it became clear that they weren’t…
BDO partner James White is packing up and heading back to the UK, though our sources assure us a new baby is the reason White wants to be closer to home and his departure from these fair antipodean shores has nothing to do with the Mossgreen fiasco. We’ve yet to hear back from the man himself but yesterday BDO colleague and joint Mossgreen liquidator Andrew…
Insolvency practitioners (IPs) have long known that to make it as a corporate resurrectionist you need a hide like rhinocerous whose mother was an elephant from a family of pachyderms predisposed to exceptionally robust skin thicknesses. An impressive epidermis however wouldn’t be the only reason Ferrier Hodgson’s new star recruit Steve Parbery hasn’t joined his FTI Consulting counterparts in suing one Clive Frederick Palmer for defamation. Parbery…
dVT Group’s Seulen McCallum and Riad Tayeh will likely soon receive communications from Giles Woodgate after the NSW Supreme Court of Justice Fabian Gleeson last week approved Woodgate’s appointment as special purpose liquidator (SPL) of Hemisphere Technologies Pty Ltd (HT). McCallum and Tayeh were appointed liquidators of Hemisphere – which changed its name to ACN 152 546 453 Pty Ltd on December 23, 2016 – in January 2017. Their…
The public examination of persons related to the failure of Waltek Industries has again exposed the vulnerabilities inherent in the referral relationship, vulnerabilities which if ignored can rebound. Louttit & Associates’ Jamieson Louttit has been conducting examinations into the curious circumstances of Waltek’s near simultaneous incorporation and failure in June 2015, assisted with funding from the Fair Entitlements Guarantee (FEG) recovery division. His predecessors on…