Public Examinations

Liquidator among eight summonsed for examination

O’Brien Palmer’s Liam Bailey. Hogan Sprowles Michael Hogan. A certain Sydney insolvency practitioner must be rueing the day he agreed to introduce Scott Keith McCorkell to a business valuer. Or is the day the liquidator’s referrer introduced him to the Mosman ad man the penultimate moment of regret? ” … while the BSA “appears to be “supported” by the Valuation …. there are a number…


Receivers’ Swiss fishing expedition stalls

KordaMentha partner Rahul Goyal. KordaMentha partner Michael Korda. Australian-domiciled receivers fishing for evidence of an alleged fraud are having a tough time obtaining a permit to cast in Swiss ponds. In the Federal Court yesterday, counsel for the receivers of Innovative 3D Technology Pty Ltd was warned that his client’s application to amend an existing process involving the issuance of subpoenas and summonses for examination…


Judge gives ASIC second chance to ignore misconduct

IRT Advisory’s Andrew Poulter. Following publication of lurid details involving sham arrangements, straw directors and shadowy puppet masters, iNO asked the liquidator responsible for uncovering the imbroglio if he’d reported his findings to ASIC. As it turns out, he had. IRT Advisory’s Andrew Poulter lodged a section 533(1) report with ASIC in January 2018 in respect of what smelled like the liquidation of convenience of…


Liquidators tackle pre-insolvency advisor

McGrathNicol’s Anthony Connelly. McGrathNicol’s Jamie Harris. It’s generally agreed among the registered liquidator population that there are too few proceedings commenced against pre-insolvency advisors. The primary reasons are of course practical. It’s costly to prosecute claims of creditor defeating dispositions and if the advisors have done their job the liquidators won’t have any assets they can tap to pay lawyers. Without external funding whatever sharp…


Deloitte duo sandwiched between CDPP and accused

Deloitte’s Sal Algeri. Deloitte’s Tim Norman. When a judge is told the Commonwealth Director of Public Prosecutions (CDPP) has no objections to an application for access to confidential transcripts and then learns that the application hasn’t been served on the CDPP, it’s a revelation certain to impede rather than hasten an applicant’s progress. So it turned out on Monday this week when lawyers for colourful…


I-Prosperity liquidators cop discount, criticise leaks

Cor Cordis partner Jeremy Nipps. Cor Cordis partner Barry Wight. There’s nothing like offering a discount on fees to cut through the confusion a committee of inspection (COI) might be experiencing as a result of a complex remuneration report. “The Chairperson noted that if information is leaked to third parties without the Liquidators’ prior consent, the Liquidators would take appropriate action where necessary.” Cor Cordis…


Liquidators gain access to HLB partner’s PI policy

HLB Mann Judd managing partner James Henderson. Pearce & Heers’ Mark Pearce. North of the border Pearce & Heers partners Mark Pearce and Michael Dullaway have achieved a significant victory in their tug of war with HLB Mann Judd (SE QLD) over material relating to a business sale transaction HLB Brisbane managing partner James Henderson advised on in late 2018. “The liquidators submitted that there…


Liquidators and director at odds over costs

KPMG’s Peter Gothard. KPMG partner James Dampney. Hell hath no fury like a director who believes his business has been sold to a rival at undervalue, unless it’s the rage felt by the administrators who conducted the sale when they’re summonsed for examination and served with notices to produce. Before either gives such frustration vent in hell however comes the purgatory of costs and in…


i-Prosperity liquidators win funding but miss on fees

Cor Cordis partner Jeremy Nipps. i-Prosperity Underwriting receiver David Levi. Back in August 2020 iNO predicted that the liquidators appointed to various entities within the i-Prosperity group might have trouble persuading creditors to approve future resolutions pertaining to their remuneration. As confirmed by the Minutes of the most recent meeting of the i-Prosperity Pty Ltd Committee of Inspection (COI) that forecast was spot on. By…


Ex-Jirsch director examined over curious settlement

Bankrupt IP Sam Henderson. Grant Thornton’s John McInerney. When a company owes the ATO $5 million and would have had an opportunity to pay it but for a settlement that saw it forgo $5 million of $8 million it was owed well, you have to wonder if the professionals engaged to advise on the deal were granted full access to all the facts? The question…