Hall Chadwick partner Kathleen Vouris. Hall Chadwick’s Richard Albarran. Well you can’t say they didn’t try. Richard Albarran. Kathleen Vouris. Two of Hall Chadwick’s finest. They gave the Government of the Solomon Islands every opportunity in their bid to save Orbis Commodities (Orbis). Perhaps that was their big mistake? In case you haven’t heard the much touted Deed of Company Arrangement (DoCA) in respect of…
Jirsch Sutherland’s Malcolm Howell. RRI Advisory’s Liam Bellamy. It’s been some time coming – perhaps the elevation of Labor to federal eminence got in the way – but down under’s most intimidating creditor has resumed flexing its litagatorial muscle, in this case in respect of fees the now ex-receivers of Castel Electronics Pty Ltd paid themselves and the divvy they fed the secured. iNO first…
HoganSprowles partner Christian Sprowles. It can be ticklish being both receiver and liquidator of a corporate trustee and Christian Sprowles is one practitioner who knows all about it. The Hogan Sprowles‘ principal was appointed liquidator of CWCN Pty Ltd, the trustee of the CWCN Unit Trust on March 4, 2020. After discovering that although the company was assetless the underlying trust was anything but he…
Hall Chadwick’s Richard Albarran. Hall Chadwick’s Brent Kijurina. Is there a more reliable indictor of a souring relationship than the commencement of legal proceedings against an external administrator by a secured creditor? iNO certainly hopes so but for present purposes we’ll designate the commencement of proceedings as the epitome of acrimony, and in this case the objects of that acrimony appear to be Richard Albarran…
Hall Chadwick’sKathleen Vouris. Hall Chadwick’s Richard Albarran. If you think Australian Prime Ministers have a tough time dealing with the Solomon Islands Government (SIG) spare a thought for Kathleen Vouris and Richard Albarran. For almost a year the Hall Chadwick pair have been dangling at the whim of the SIG as that august body contemplates funding a deed of company arrangement (DoCA) for two related…
HLB Mann Judd managing partner James Henderson. Pearce & Heers’ Mark Pearce. North of the border Pearce & Heers partners Mark Pearce and Michael Dullaway have achieved a significant victory in their tug of war with HLB Mann Judd (SE QLD) over material relating to a business sale transaction HLB Brisbane managing partner James Henderson advised on in late 2018. “The liquidators submitted that there…
SV Partners’ Darren Vardy. Hall Chadwick’s Richard Albarran. Earlier this month the chief judge in equity of the NSW Supreme Court made an order appointing the liquidator of Epic Mining as receiver and then stayed the order’s effect for 14 days. On Monday this week that stay expired and iNO confidently expects that Epic’s incumbent receivers & managers (R&Ms) will shortly receive – if they’re…
Hall Chadwick’s Richard Albarran. Equititrust Income Fund receiver David Whyte. When you tell creditors that you won’t seek to recover your fees from a related entity and the receiver of that related entity is present, it’s best not to renege. Even the most well-meaning of practitioners can come to regret backflipping on an undertaking and in the case of Equititrust Limited (in Liquidation) (EL) and…
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…
LMFMIF receiver David Whyte. Almost a decade after he was appointed to oversee the winding up of the LM First Mortgage Income Fund (LMFMIF), former BDO partner David Whyte has all but brought this salutary tale of greed and leverage to a conclusion after a court approved the entry by Whyte into a settlement with Ernst & Young. The terms of the settlement – the…