HM Advisory’s Cameron Gray. The US directors of Mawson Infrastructure Group Inc (MIGI) have been denied leave to set aside the W Capital Advisors DoCA and ordered to pay their opponents’ costs. Given they’ve yet to provide MIGI’s Australian liquidator with the company’s books and records despite having 18 months to do so, the process of recovering those costs might yet provide further grist for…
HM Advisory’s Cameron Gray. After being told that he and not the court would need to decide whether the winding up of Mawson Infrastructure Group Inc (MIGI) should continue Cameron Gray has chosen the option least likely to provoke MIGI’s American interests into a nuclear response. The renewables option if you will. Facing contempt proceedings in the US and a hostile board that’s impugned the…
HM Advisory’s Cameron Gray. Perhaps the US interests condemning Cameron Gray’s conduct as liquidator of Nasdaq-listed Mawson Infrastructure Group Inc (MIGI) think the distance between jurisdictions means their allegations need to be extreme to carry any weight after travelling so far. “Mawson alleges that the debts have been created in some breach of fiduciary duty and that Mr Gray was effectively complicit in this behaviour,…
Deloitte’s David Mansfield. It should be impressed upon young accounting and finance types contemplating a career in insolvency that they should abandon all hope of ever receiving an accolade from a grateful creditor. In the game they’ve chosen to play, thankless silence is a ticker tape parade. “What’s in issue is the level of attention to detail, the staff and title of the staff recorded…
Wexted Advisors’ Wenjie Wang. The tug of war between the special purpose liquidators (SPLs) of the Mosaic Brands Group and the Group’s directors and advisors has forced the protagonists to ask the Federal Court to determine if the directors can claim exclusive privilege over safe harbour advice contained in Minutes of board meetings and board packs. Federal Court judge Brigitte Markovic this morning heard that…
Paul Leroy. Counsel for the Inspector General in Bankruptcy (IGB) told the Federal Court that the IGB has uncovered an additional $500,000 allegedly pilfered by Paul Leroy, the ex-trustee in bankruptcy who departed the jurisdiction in December 2023 and is now residing in Belgium. Barrister Bridget Slocum told Federal Court justice Shaun McElwaine on Friday that since the IGB had commenced the current proceedings in…
Jones Partners principal Bruce Gleeson. Hall Chadwick’s Richard Albarran. When $5,000 all that’s been paid to cover remuneration you can be sure a liquidator of the calibre of Richard Albarran won’t ignore cash sitting in a court bank account waiting to be claimed but as a recent judgment of the NSW Supreme Court shows, even Hall Chadwick’s most prominent partner can’t win over a judge…
McGrathNicol partner Shaun Fraser. McGrathNicol partner Jonathan Henry. As far as stumbling blocks go $50 million’s hard to miss and Shaun Fraser and Jonathan Henry surely anticipated a trip hazard emerging after insisting on a carve out of such proportions from the sale proceeds of the Tahmoor Coal mine south of Sydney. In the NSW Supreme Court on Wednesday lawyers for the McGrathNicol partners arrived…
McGrathNicol partner Shaun Fraser. The security interest shell game Sanjeev Gupta has played with the assets of GFG Alliance was always going to come under scrutiny once one of the group’s entities fell into the hands of independent liquidators with funds. That scrutiny was also always going to include Gupta’s lenders, lawyers and advisors and last month in the Federal Court McGrathNicol’s Shaun Fraser and…
Salea Advisory founder Sule Arnautovic. (Image https://www.salea.com.au) Parties in the alleged “Richmond Group of Companies” (Richmond Group) tax dodge proceedings were back before a judge this morning, continuing their slugfest over questions of conflict and who should be liquidator of a related entity that may represent a pathway to actual money. Among the myriad related entities to which Richmond Group liquidators Peter Krejci and John…