Public Examinations

Heat’s off Kassem after Dyldam avoids default: Update

UPDATE Monday, November 27, 2017: It appears Ozem Kassem and others referred to below can rest easy, at least for now. SiN can reveal that over the weekend Stephen Hathway  the administrator of the Plaza West deed of company arrangement, received a critical payment under the terms of the DoCA which had been in arrears. The payment followed a threat by Hathway to place the company into…


Chaff flies at Senate rural lending inquisition

The transcripts of the latest session of the Senate inquiry into Lending to Primary Production Customers contain some illuminating insights into perceptions of the insolvency profession. Put simply, a few unfortunate examples of a less than ideal outcome – say a rural property being sold by receivers at a price unlikely to pop corks – seem to have been taken by the Senate Committee as…


Worrells pair to be quizzed by replacement

Worrells’ Morgan Lane and former colleague Michael Peldan could soon find themselves probed by a replacement liquidator after examination summons were issued for the Queensland-based practitioners in regards to Waltek industries Pty Ltd. SiN does not know yet if the intended recipients of the summonses have been served but at this point Waltek’s incumbent liquidator Jamieson Louttit is expected to pursue the pair to public examination. Waltek…


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…


ANZ Receivers required to recall examinable affairs

Given this is largely about booze and what happened to it, recollections could be cloudy. Nevertheless, PwC’s David Merryweather and Greg Hall will need to summon all their prodigious powers of recall now that the Federal Court has empowered a special purpose liquidator (SPL) to delve into their conduct during August 2013, a time when ownership of the liquid assets of David James‘ teetering beverage empire was apparently unclear. This…


ANZ appointees accused of trespass in SPL bid

Here’s an unholy shemozzle for the Federal Court to exorcise. Two banks, each with multi-million dollar exposures to separate companies within the same group. Four appointees, installed at some point as either receivers or liquidators of various companies within said group. Add the main shareholder and director, who’s defending one bank’s attempts to bankrupt him. Toss in ASIC. Season with allegations that receivers took possession…


Gebie Services liquidators repel challenge to examination summonses

Gebie Liquidators repel challenge on summonses

Down in South Australia, Heard Phillips principals Andrew Heard and Anthony Phillips recently fended off a challenge to summonses requiring a range of parties for examination including RSM director Matthew Gordge. The summonses were issued in early February as part of investigations into the affairs of Gebie Services, to which Heard and Phillips were appointed liquidators in June 2016 following an application to the Federal Court…


Argentice creditors relentless on Ridley

Argentine creditor prepares to uncork ILRA

Not content with a judge declining its application to replace Brendan Copeland and Robert Whitton as liquidators of Ridley Capital Holdings (RCH), Argentine architect and major creditor Corbis Global is preparing a fresh assault on the William Buck incumbency. SiN’s sources in Buenos Aires – not to be confused with our man in Cordoba – have recently delivered fresh missives, smuggled down under in a case of…


Ianuzzi attracts FEG fire over Mentmore

David Ianuzzi is not going to forget his first time as lead receiver anytime soon. In just a few hours in the witness box on Monday the Veritas Advisory principal was forced to admit his treatment of certain debts in the 2014 receivership of Mentmore Pty Ltd had been flawed, that his initial 524 report needed correcting and that the only reason he hadn’t already…


Mental illness and bankruptcy: are they such uncommon bedfellows?

Bankrupt’s mental illness excuse dismissed

As Australia’s population ages and the costs of modernity multiply, insolvency practitioners will find themselves dealing more frequently with clients unfit to exercise their responsibilities and obligations. This story is not about them. This story is about a bankrupt whose attempts to be exempted from a public examination on the grounds that it would exacerbate her mental illness have come to naught in the Federal…