You might think as a registered liquidator that when the same director turns up in three liquidations referred to you by the same referrer over the course of a few years, it might be worth going and meeting that director. You might think that such a face-to-face meeting is even more important given the director appears to have been installed only months prior to the…
Grant Thornton’s Mike McCann and Said Jahani could be in for a wild ride as voluntary administrators (VAs) of failed construction outfit, CRCG-Rimfire Pty Limited after the pair on Monday survived an attempt by creditor activist group Subbies United to replace them with its preferred practitioner, Michael Caspaney of Menzies Advisory. Last night McCann rejected claims from creditors who attended that he had told the first meeting…
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…
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’ 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…
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…
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…
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…
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…
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…