PwC’s Daniel Walley. PwC’s Chris Hill. The contest over whose security interest prevails in respect of assets linked to failed fintech Sargon Capital is heating up as receivers for the respective security holders continue to battle it out in the Federal and Supreme Courts. On Monday counsel for Jason Preston and Shaun Fraser were back in the Supreme Court to continue their stoush over access…
McGrathNicol’s Shaun Fraser. The receivers of various Sargon Group entities and their appointors are allegedly “embroiled” in two disputes in the Federal Court”, a court heard this week. The claim was made on Monday in the NSW Supreme Court by lawyers for one set of receivers – PwC’s Chris Hill and Dan Walley – in their capacity as receivers of SC Australian Holdings 1 Pty…
Romanis Cant’s Tony Cant. Romanis Cant principal Tony Cant has fended off an application brought by a creditor seeking his removal as liquidator of Foodcorp (Vic) Pty Ltd but only it would seem, by the skin of his teeth. The judgment of Federal Court Judge Neil McKerracher in Sands Contracting Pty Ltd v Foodcorp (VIC) Pty Ltd [2020] FCA 1274 outlines the dismal imbroglio of…
Hall Chadwick’s Richard Albarran. Hall Chadwick’s Blair Pleash. We’re sure Vannin Capital is a successful player in the oft-times lucrative litigation funding space but two insolvency-based bets it’s made in Queensland have proved troublesome. Little mystery can attach to why bankrolling the general purpose liquidators (GPLs) of Queensland Nickel in litigation involving the company’s former director Clive Palmer hasn’t gone to plan. Palmer could probably…
BRI Ferrier’s James Koutsokos. BRI Ferrier’s David Coyne. BRI Ferrier’s James Koutsoukos and David Coyne have extracted some hard won joy from the Supreme Court of Victoria in their ongoing battle with a Japanese beverage can manufacturer over remuneration. In Re Barokes Pty Ltd (in liq) [2020] VSC 555 Associate Justice of Victoria’s Supreme Court Julian Hetyey this week sided with the liquidators in their…
Receiver David Whyte. FTI Consulting’s John Park. Who would’ve thought insolvency might be seen to resemble Socialism, at least as it was characterised by the late Baroness Thatcher when alluding to collectivism’s fatal fiscal flaw? Not iNO that’s for sure. But In LM Investment Management Ltd (receiver apptd) (in liq) v Drake & Ors [2020] QSC 265 (28 August 2020) Justice Peter Callaghan of the…
KPMG’s Will Colwell. The liquidators of the failed Octaviar Group have been forced to seek court approval for remuneration dating back to 2018 after falling out spectacularly with the Octaviar Committee of Inspection (COI). Bill Fletcher of Bentleys and Kate Barnet of Olvera Advisors applied in March this year for orders approving $358,731.85 (plus GST) in remuneration for work done from 1 July 2018 to…
Octaviar liquidator Kate Barnet. Octaviar liquidator Bill Fletcher. Octaviar liquidators Kate Barnett and Bill Fletcher have been referred to a disciplinary committee under section two of the Insolvency Practice Schedule by the Australian Securities and Investments Commission (ASIC). Following the issuing of a show cause notice, the corporate regulator published notice of the referral to a schedule two committee last week. Barnett declined to comment…
KPMG’s Peter Gothard. KPMG’s Robyn Duggan. The shareholders of the Pages events group may have been throttling each other through the courts for four strangulated years but as far as iNO is concerned things became interesting only this month. In less than three weeks an entity in the group has had administrators appointed, administrators replaced and if the Gods of case law so will it,…
Worrells’ Dominic Cantone. Worrells’ Nick Cooper. Worrells’ duo Dominic Cantone and Nick Cooper could shortly be calling their professional indemnity insurer after a Federal Court judge on Monday proposed making orders requiring them to pay costs minus the usual right of indemnification. In Adelaide Brighton Cement Limited, in the matter of Concrete Supply Pty Ltd v Concrete Supply Pty Ltd (Subject to Deed of Company…