RRI Advisory’s Trajan “John” Kukulovski. iNO readers may well remember our exclusive story of August 2, 2019 that exposed the tumult that had quietly engulfed Jirsch Sutherland back in 2015 as a consequence of an unspecified “confession” by former director Andrew Ngo. The alleged “confession” led to a meeting between ASIC officers and Jirsch founder Rod Sutherland and then managing partner Sule Arnautovic on November…
BRI Ferrier’s Peter Krejci. A judge hearing a motion days out from the hearing of a bid for orders that disputed assets belong to a company in liquidation and not its underlying trust said yesterday that the case involves features he’s not encountered in 40 years of practising law. “You were attempting to elicit the truth, and legal proceedings sometimes stand in the way of…
Darryl Kirk of Cor Cordis Brisbane. Well it turns out that when objectors to a liquidator’s remuneration application becomes in the court’s eyes adversaries, they can be liable for the liquidator’s costs of responding. The decision in question can be found at: Manicaros v Commercial Images (Aust) Pty Ltd [2022] QSC 83 which tells of the stiff resistance Cor Cordis partner Darryl Kirk encountered in…
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…
Grant Thornton’s Mike McCann. Mackay Goodwin principal Domenic Calabretta. No doubt the Minutes of the most recent meeting of creditors of CRCG Rimfire Pty Ltd will tell an interesting tale when they become available but iNO has gleaned sufficient intel to report that the incumbent deed administrators are no more. On May 11 creditors resolved to turf the Grant Thornton duo of Michael McCann and…
Liquidator Gavin Moss. Photo: iNO Images Coming hot after our story about the lawyer warned by a judge to consider his potentially conflicted position very carefully comes a decision out of the NSW Supreme Court which shows how liquidators using the same lawyer who acts for creditors or the liquidator’s funder can quell conflict concerns. In this case Chifley Advisory principal Gavin Moss had to…
Hall Chadwick’s Richard Lawrence. Hall Chadwick’s Richard Albarran. Sometime soon we should know whether an administrator trading on a business can claim a lien over funds generated from the sale – by receivers – of assets that were never the property of the company to which the administrators were appointed, and couldn’t be said to have been possessed, preserved and realised by the administrators exclusively…
WLP Restructuring’s Glenn Livingstone. Hall Chadwick partner Sule Arnautovic. Coming before a judge with an incompletely charted special purpose liquidator (SPL) application must be considered to be a fraught exercise. But when the aspiring SPL’s proposed funder also demands an ogre-sized serving of any proceeds of litigation well, why bother incurring the filing fee? In this case those applicants – Philip King’s Rockgold Holdings and…
KPMG partner James Dampney. KPMG’s Peter Gothard. Electing to flog a chilled foods business to its main competitor has come back to bite current and ex-KPMG partners after they failed this week to have examinations summonses issued by the former owner of the business dismissed. On Wednesday in the NSW Supreme Court Judge Kate Williams ruled that Peter Gothard, James Dampney and former KPMG senior…
I&R Advisory partner David Ross. Hall Chadwick partner Blair Pleash. There’s admirable persistence and then there’s futile pursuit. iNO would not presume to opine on where the line between the two lies and in fact, armed with the recent judgment of Ross (Liquidator) in the matter of Print Mail Logistics (International) Pty Ltd (In Liq) v Elias [2022] FCA 296, speculation is unnecessary. The judgement,…