UPDATED: Friday, March 17 4:15pm – Forge Group’s petition for Chapter 15 relief and a declaration of the Forge Group administration as a foreign main proceeding has been dismissed by the Northern District bankruptcy court in San Francisco. The receivers of Forge Group are confident of resisting the latest legal assault by APR Energy after the Florida-based group advised it had lodged an application in the High Court…
The Department of Employment’s Active Creditor Unit (ACU) unit continues to fish for receivers fattened on circulating assets and an amended statement of claim filed last month in the Federal Court shows the ACU’s litigators have Delnote Constructions receivers Riad Tayeh and David Solomons hooked. The ACU is seeking $323,661.74c from the dVT pair in relation to their work as receivers of Delnote Constructions Pty Limited….
After a setback on fees the question may arise as to whether it’s best to cut one’s losses or go double or nothing when the question turns to the extent to which a receiver can rely on the right to an indemnity. Helm Advisory director Adam Preiner recently chose the latter. Acting Supreme Court Judge Reg Barrett yesterday delivered a judgment which illustrates why one should…
Pitcher Partners West Australia’s Bryan Hughes and Daniel Bredenkamp weren’t going to make the mistakes of their predecessors when approached to act as joint receiver managers of what might almost be described as the perpetually resuscitated Pluton Resources. Guided by the less than satisfactory experience of three KordaMentha partners who retired from Pluton in 2015 and are now being sued, the Pitchers pair told their appointor…
Meanwhile in Victoria, the Supreme Court has tossed up a lengthy judgment cataloging the continuing efforts of Hall Chadwick’s David Ross and Richard Albarran to secure more than $200,000 in fees and expenses they argue have been owing since 2012. In Ross v Gippsreal [2016] VSC 753, the Hall Chadwick pair claim they are owed the money by their appointor, Gippsreal in respect of fees…
Pie Face Pty Ltd deed administrator Sule Arnautovic will today recommend that creditors place the fast food maker into liquidation after secured lender TCA Global declined to tip in up to $3.5 million for employee entitlements and instead installed a receiver ahead of a planned sale of the business. In a report sent to to creditors last week the Jirsch Sutherland partner said the decision…
FEG is keen to fund, attendees to the Australian Restructuring Insolvency & Turnaround Association’s (ARITA) NSW/ACT divisional conference heard yesterday. The head of the Department of Employment’s active creditor unit, who is charged with recovering as much as possible of every dollar doled out to employees of failed companies via the taxpayer-backed Fair Entitlements Guarantee Scheme (FEG), said yesterday that within limits, even smaller matters could be…
The Cayman Islands-based backer of the ailing pie and pastry manufacturer Pie Face has put receivers into one of the three Pie Face entities subject to a deed of company arrangement (DoCA) administered by Sule Arnautovic and Rod Sutherland of Jirsch Sutherland. O’Brien Palmer’s Chris Palmer and Liam Bailey were appointed receivers to manufacturing arm, Pie Face Pty Ltd on October 31. According to the deed of…
This is not just dodging a bullet. This is not even evading the passage of a half-ton projectile fired from the deck of a dreadnought during the battle of Jutland. This is departing ground zero by teleportation a nanosecond before Little Boy. “This” is PPB Advisory’s seeming escape from any adverse findings, possible pecuniary penalties and further negative publicity following the termination of hostilities between…
SiN cannot identify them but let us take our cue from the Family Court’s in-house anonymisers, who dubbed them Messrs Fuller and Martini in the recent judgment of Sadler & Sadler and Others , a ruling that affirmed their appointment as receivers to a pair of trusts and a superannuation fund at issue in a matrimonial spat. The application to appoint was made by the wife…