Vincents’ Nick Combis. Federal Court judge Brigitte Markovic has dashed the hopes of the receivers of foreign currency exchange Navigate Global Payments (NGP) by siding with a contingent creditor on the question of whether the company should be wound up or returned to administration. Her honour’s rulings – to be found in Shiny (Trustee), in the matter of Navigate Global Payments Pty Ltd (Receivers and…
Hall Chadwick’s Richard Albarran. Barrister Geoff McDonald. Richard Albarran wasn’t going to let being a defendant in a marathon legal battle get in the way of attending this year’s INSOL event, particularly when the conference’s location in Tokyo meant that the Hall Chadwick Sydney partner would be in a convenient time zone when it came time to be questioned. That turn came yesterday when the…
Deloitte partner Sean Holmes. Cor Cordis partner Tom Birch. While it might appear that today’s edition comprises a “Focus on the West” and a spotlight on Deloitte partner Sean Holmes, we can assure iNO readers that it’s a coincidence. Unlike our other yarn involving Holmes’s efforts to wind up a Ponzi scheme based on algorithmic trading of foreign exchange, this old economy tale deals with…
Deloitte partner Matthew Donnelly. Deloitte partner Sean Holmes. Getting court approval for remuneration and guidance on how to distribute trust monies to unit holders is one thing. Getting the court to approve your application for orders winding up an unregistered managed investment scheme is something else again, as two Deloitte insolvency and restructuring partners recently discovered. “In my view, the plaintiffs do not have standing…
FTI Consulting’s John Park. LMIM receiver David Whyte. FTI Consulting’s John Park is not helping former BDO Partner David Whyte walk away from insolvency without a care, not when there’s a fight over $5 million in adverse costs still to be had. Despite retiring in 2021 Whyte is still in the thick of it in respect of at least one appointment thanks to Park and…
Dye & Co’s Nicholas Giasoumi. Nine months might seem a fair old span to let pass before asking a court to declare that you’ve acted reasonably in trading on a bare trustee but as former Prime Minister John Howard likes to remind us, context is everything. To begin with, knowing that the sole function of the company to which you’re appointed was to act as…
Balance Insolvency principal Tim Cook. An abundance of caution. If ever there was a phrase that gets an airing in most if not all court applications it would be this, at least when those applications involve an insolvency practitioner seeking fee approval for work performed as both liquidator of a corporate trustee and receiver of the associated trust assets. The reason for the phrase’s frequency…
BPS Resolved’s Dave Sampson. Mackay Goodwin’s David Hurst. Dave Sampson and David Hurst have copped a spray in a judgement as a frustrated lender seeks discovery from the pair in their capacities as receivers of development property at Castle Hill owned by Cecil Developments Pty Ltd (Cecil). In Globe Capital Administration Pty Ltd v Cecil Developments Pty Ltd atf the Cecil Developments Unit Trust (Receivers…
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…
O’Brien Palmer’s Daniel Frisken. McGrathNicol Partner Kathy Sozou. In the matter of Xpress Transport Solutions Pty Ltd (Receivers and Managers Appointed) (Administrator Appointed), Federal Court judge Elizabeth Cheeseman has provided a handy guide for external administrators on how not to proceed with an application for an extension of the convening period. O’Brien Palmer partner Daniel Frisken also deserves special mention. “The approach taken by the…