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…
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…
Aston Chace co-founder Steve Naidenov. Jones Partners’ Bruce Gleeson. Some exads are like centrifuges. Run them long enough and all manner of ejecta is disgorged. The liquidation of MK Floors (NSW) Pty Ltd is a case in point. As some iNO readers will recall, the MK Floors administration distinguished itself early on when the two appointees were subjected to public examinations funded by the FEG…
Sheridan’s Chartered Accountants principal Jennifer Low. Pitcher Partners’ Bryan Hughes. Torrid times in the West last week as the managing partner of Pitcher Partners WA was grilled in a Supreme Court witness box at the behest of a rival liquidator. The occasion was the public examination of directors and others linked to the 2018 failure of Titan Interactive Pty Ltd, which in recent times has…
Pitcher Partners’ Bryan Hughes. Sheridan’s Chartered Accountants principal Jennifer Low. It’s never a good look when a registered liquidator and senior partner of a national insolvency firm is summonsed to appear for public examination. When the examinee’s brother is involved in the brouhaha and there’s a glimmer of insolvent trading, well, it’s a sight to make eyes sore. “The (Titan) Board are satisfied they acted…
Liquidator Gavin Moss. Photo: iNO Images A recent decision out of the NSW Supreme Court shows how liquidators using the same lawyer who acts for creditors or the liquidator’s funder can quell conflict concerns. In this case Chifley Advisory principal Gavin Moss had to defend himself from allegations of multiple conflict-related breaches of duty by Ian Dresner, the director of churrasco operator Fogo Brazilia Holdings…
KPMG partner James Dampney. KPMG’s Peter Gothard. Electing to flog a chilled foods business to its main competitor has come back to bite current and ex-KPMG partners after they failed this week to have examinations summonses issued by the former owner of the business dismissed. On Wednesday in the NSW Supreme Court Judge Kate Williams ruled that Peter Gothard, James Dampney and former KPMG senior…
McGrathNicol’s Rob Kirman. There can’t be too many liquidators who, having completed a public examination of a director, learn that the examinee has decided he’d like to more time in the witness box. And not just more time. More time to be asked the right questions by his own counsel in fact, and more time to provide answers that are somehow preferable to the answers…
Worrells’ Christopher Darin. Hall Chadwick’s Richard Albarran. Unexploded munitions, restive tribespeople, a controversial Chinese-Australian-Malaysian businessman, a Solomon Islands High Court-ordered $50 million payout ruling and a government reluctant to pay – what self-respecting insolvency practitioner wouldn’t want a slice of this pie? Certainly neither Worrells Chris Darin or Hall Chadwick’s Richard Albarran and Kathleen Vouris are showing any signs that the flavour – more copra…
Kroll special advisor Steve Parbery. You couldn’t make it up. A mining magnate’s nephew on the run in Eastern Europe, in contempt of court for failing to show for public examination by a special purpose liquidator (SPL), the SPL settling the contempt case; and the courts then stepping in to pursue it. ” … on about 6 June 2016, Mr Mensink departed Australia for a…