Public Examinations

Cullen Group: FEG on collision course with creditors

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…

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MK liquidator floored by phoenix allegation

Sydney liquidator Steve Naidenov has been asked if he knew an insolvency appointment was a phoenix transaction during an at times heated public examination into the affairs of the MK Floors Group. The question, which Naidenov strenuously rejected, came towards the end of the first day of a multi-day examination brought by the Commonwealth’s FEG Recovery Unit. FEG is seeking $1.5 million from Naidenov and Veritas Advisory head…