Steve Parbery. Image courtesy Ferrier Hodgson. One of the most significant insolvency related trials in Australian history is set to start on Monday so this week we asked Australia’s richest alleged shadow director: Are you about to settle? All Clive Palmer, the maverick minerals magnate and operator of the joint venture behind the mothballed Yabulu Nickel Refinery in Townsville would say in reply was “ask…
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…
Rodgers Reidy director Geoff Reidy. The plaintiff directors of Zamora Homes have dropped their bid to appoint a special purpose liquidator (SPL) to the company and may consider themselves fortunate to have escaped orders that they pay indemnity costs to Geoff Reidy, the incumbent they sought to supplant. At the beginning of a hearing in the NSW Supreme Court yesterday, Justice Ashley Black heard that…
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…
Jirsch Sutherland managing partner Bradd Morelli. Image: Linked In. The move to dislodge Jirsch Sutherland’s Bradd Morelli and Trent Devine as liquidators of FW Projects is gathering pace. On Monday the NSW Supreme Court heard that plaintiff creditor Hindmarsh Construction Australia (HCA) wanted the Jirsch pair replaced. The court also heard that the plaintiff wanted Morelli and Devine restrained from continuing to retain Mills Oakley…
BDO’s David Whyte. BDO’s David Whyte has – in conjunction with other stakeholders in the LM Investment Group imbroglio – engineered a settlement that frees him up to pursue big four accounting firm EY over its role as auditor of the LM First Mortgage Income Fund (FMIF). In Bruce v LM Investment Management Limited (in liq) [2019] QSC 126 Queensland Supreme Court judge Debra Mullins…
Insolvency Experts’ principal Steve Kugel. CRS Warner principal Anthony Warner The long running dispute between Sydney liquidators Anthony Warner and Steve Kugel continues to fester with the pair now warring over the details of an accounting of the value of WIP from their partnership, which disintegrated in 2014. In the NSW Supreme Court yesterday Justice Guy Parker – who was observed spending parts of the…
Jirsch Sutherland managing partner Bradd Morelli. Image: Linked In. Bradd Morelli and Trent Devine may be facing a fight to maintain control of the potentially lucrative liquidation of FW Projects Pty Ltd after a creditor commenced action in the NSW Supreme court that could lead to the Jirsch Sutherland partners being either replaced or sidelined by an SPL (Special Purpose Liquidator). The court heard yesterday…
PKFs’ Trent Hancock. PKF’s Trent Hancock has defeated a bid to have proceedings launched by him dismissed as an abuse of process, but will need to cough up more than $157k in security for costs within 21 days to to keep his pursuit of bar baron Shadd Danesi alive. In South Townsville Developments Pty Ltd (in liq) v Lauvan Pty Ltd [2019] FCA 666 Federal…
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…