McGrathNicol’s Rob Kirman. McGrathNicol’s Jamie Harris. While the law around how insolvency practitioners deal with trust assets has evolved exponentially in recent years, circumstances peculiar to a particular appointment can still confound appointees’ aims when it comes to asset pursuit, as Jamie Harris and Rob Kirman know very well. “Without determining the question, I would make the point that if an application to be appointed…
Hall Chadwick partner Sule Arnautovic. Dermott McVeigh of Avior Consulting. Back to the drawing board was the message for Avior Consulting’s Dermott McVeigh after a judge refused the Perth-based practitioner’s application for approval of a lift in receivership fees. For Hall Chadwick’s Sule Arnautovic however, who was also in the Corporations List queue on Monday applying for approval of remuneration earned whilst an administrator and…
Litigation Funding Solutions director David Purcell. Marcus Watters of Hall Chadwick. The rule about being around for a good time not a long time does not apply when it comes to formal insolvency administrations, particularly when a recent appointment’s swiftly declared invalid and costs ordered against those ousted. Therefore iNO suspects that Hall Chadwick partners Marcus Watters, Richard Albarran and Brent Kijurina might be a…
Being non-committal can get a liquidator a long way. After all, far from sitting on the fence, neither consenting or objecting can show that the external administrator is prudently preserving powder in circumstances where there may be no fight to have. But neutrality only gets you so far unless you’re Swiss, and when tricky and contested questions around the proceeds of asset dispersals emerge, the…
BRI Ferrier partner Peter Krejci. Dealing with the disgruntled is part and parcel of any practitioner’s daily grind but sometimes an example of resistance emerges that stands out as an exemplar of its kind. In the ongoing tussle between ENA Development Pty Ltd liquidator Peter Krejci and a Mr Robert Sebie, Krejci and his lawyers at ERA Legal have had to repel allegations of conflict…
Marcus Watters of Hall Chadwick. Hall Chadwick’s Richard Albarran. You would think that having convinced a court to declare a general security agreement (GSA) invalid and thereby ridding oneself of the receiver appointed pursuant to that GSA, that a director might be as it were, in the clear. Well not necessarily, and not in the case of Jin Resources (Aust) Pty Ltd (Jin) director Richard…
KordaMentha’s Rahul Goyal. KordaMentha partner Michael Korda. A year ago it would’ve been a timid receiver indeed who wouldn’t back him or herself to conjure a surplus if given the opportunity to sell apartment 1306 in the record breaking Opera Residences development at Circular Quay. Further embolden said receiver, or in this case receivers, with hubristic valuations obtained before rate hikes sucked the froth out…
Smith Hancock’sPeter Hillig. Smith Hancock’s Mike Smith. Receivers wondering about the best course to take in dealing with a surplus might, depending on their circumstances, take note of the recent experience of Smith Hancock’s Peter Hillig and Mike Smith. The pair were appointed receivers and managers of the J & Lee Property Group Trust by court order in August 2017, some seven months after the…
KPMG’s Tim Michael. KPMG partner John Lindholm. A recent judgment of the Federal Court of Australia underscores the Himalayan hurdles facing insolvency practitioners who seek the court’s approval for payment of remuneration yet to be earned from assets held on trust. The protagonists in this matter are Tim Michael and John Lindholm, two of the plethora of “Special Advisors” swelling KPMG’s senior ranks since it…
KPMG special advisor Max Donnelly. BRI Ferrier’s Peter Krejci. The imbroglio that is ENA Development Pty Ltd (ENA) in liquidation and receivers appointed continues to entertain with the latest twist involving a veteran practitioner opining about solvency. iNO has already reported on this ongoing brawl between BRI Ferrier NSW partner Peter Krejci and former ENA director and ex-shareholder Robert Sebie over whether various assets belonged…