Public Examinations

MK liquidator floored by phoenix allegation

Sydney liquidator Steve Naidenov has been accused of presiding over a phoenix transaction during an at times heated public examination into the affairs of the MK Floors Group. The accusation, which Naidenov strenuously denied, 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 David Iannuzzi, who were…

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Westpac in Grant Thornton’s sights over $200m Ponzi

SiN readers will recall the retribution that was wrought upon Grant Thornton last year when four of its partners had the temerity to accept appointments as voluntary administrators of Arrium. The big four – unsecured all – weren’t going to let the Arrium board select its preferred appointees. Westpac’s credit nabob Gwyn Morgan blew a piston before withdrawing half a dozen or so receiverships from GT’s restructuring…