Hall Chadwick partner Kathleen Vouris. Last week saw one of those scenarios – not entirely uncommon – where the chair of a deadlocked meeting has to give effect to the phrase “creditors will determine the future of the Company”. As well as defenestrating the spirit of the term in its purest sense, chairman or chairwomen choosing to use their power to break a deadlock invariably…
Agility Law Group managing director Levi Smouha. Cor Cordis partner Sam Kaso. There was always the likelihood with a collapse of the scale of Remi Capital Group that some of those exposed to the $125 million failure would be of the secured kind. In the case of Remi group entity Remi (Tarneit) Pty Ltd, the appointment of Cor Cordis partner Sam Kaso as receiver on…
KPMG’s Peter Gothard. EYs restructuring chief down under – Adam Nikitins. With an asset of the significance of the Basslink undersea electricity transmission cable linking Tasmania and the Australian mainland, it’s not difficult to imagine how a labyrinth of competing interests might have foiled the best efforts of the receivers appointed to the infrastructure group in November 2021 to effect a sale. That the receivers…
H&H Advisory principal Shahin Hussain. A recent decision in the Supreme Court of Victoria has highlighted how vulnerable to challenge can be the validity of a receivership appointment. The details are contained in Ozkar Pty Ltd v Ed’s Foods Pty Ltd & Anor [2022] VSC 207 which saw Ozkar Pty Ltd obtain orders restraining H&H Advisory principal Shahin Hussain from disbursing funds from the proceeds…
FEG Active Creditor Recovery Unit Director Henry Carr. There may be much for circulating asset aficionados to ponder in the event that the Commonwealth – through its FEG Recovery Division – commences proceedings against the former receivers of Castel Electronics Pty Ltd. iNO says if because at this point all the Commonwealth has done is obtain orders ensuring that the company cannot be deregistered by…
Hall Chadwick’s Richard Lawrence. Hall Chadwick’s Richard Albarran. Sometime soon we should know whether an administrator trading on a business can claim a lien over funds generated from the sale – by receivers – of assets that were never the property of the company to which the administrators were appointed, and couldn’t be said to have been possessed, preserved and realised by the administrators exclusively…
Aston Chace principal Vincent Pirina. “A hearing is a hearing,” the judge said. “It is not an opportunity for parties to seek judicial advice”. And with those words the lawyers acting for Aston Chace principal Vincent Pirina knew instantly how little wriggle room they’ll be afforded when next they come before NSW Supreme Court judge Kate Williams to prosecute their client’s claim for fees. “It…
McGrathNicol’s Rob Kirman. McGrathNicol’s Rob Brauer. Questions of priority of entitlement to trust assets continue to vex even the most unflappable of insolvency practitioners and as a recent court judgment shows, even judicial eminences are wary of conclusive excess. In the matter of Francis (Trustee), in the matter of Fotios (Bankrupt) v Helios Corporation Pty Ltd [2022] FCA 199 Federal Court judge Craig Colvin explains…
Duff & Phelps’ Marcus Ayres. Duff & Phelps’ Steve Parbery. As iNO reported last week, Duff & Phelps duo Marcus Ayres and Steve Parbery have had their hands full winding up Queensland coal mine operator ICRA Rolleston Pty Ltd (ICRA). ICRA’s sole director – John Phillip Canavan – suspects the pair of having a conflict with ICRA’ former joint venture partner and his nemesis Rolleston…
LMFMIF receiver David Whyte. FTI Consulting’s John Park. When David Whyte announced his retirement from the BDO partnership in mid-2021, he spoke of a post-work existence devoted to the beach, the golf course and the cabins of aircraft bound no doubt for destinations neglected during his more than 40 years as a banker, accountant and liquidator. “Will finish a couple of old court appointments along…