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…
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. 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…
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…
KPMG’s Martin Jones. With wounds still agape after the whuppin’ meted out by West Australian Supreme Court judge Kenneth Martin on December 1, one wonders what fresh hiding to nothing ASIC is on as it seeks to have three insolvency practitioners from KPMG punted as the administrators of Salt Lake Potash Limited (SLPL). At a hearing in The West Australian Supreme Court this week SLPL…
KPMG partner John Lindholm. Today’s the day for Heidi Elizabeth Walters and Aryn Henry Hala, the former director and director respectively of A One Multi Services Pty Ltd (A One). By 5pm Australian Eastern Standard Time (AEST) the pair, both 40 of Redbank Plains in Queensland, must either surrender access to their bitcoin accounts or breach orders of the Federal Court. The only alternative –…
KPMG’s Tim Michael. KPMG partner John Lindholm. Gold Coast solicitor Chris Nyst could have the makings of a momentous new novel at his fingertips following ASIC’s ex-parte application for orders freezing the assets and confining to the jurisdiction Heidi Elizabeth Walters and Aryn Henry Hala. “The significant difficulty for ASIC is that, by its nature, cryptocurrency is easily transferred and moved about. Moreover, it can…
Worrells’ Christopher Darin. Hall Chadwick’s Richard Albarran. Unexploded munitions, restive tribespeople, a controversial Chinese-Australian-Malaysian businessman, a Solomon Islands High Court-ordered $50 million payout ruling and a government reluctant to pay – what self-respecting insolvency practitioner wouldn’t want a slice of this pie? Certainly neither Worrells Chris Darin or Hall Chadwick’s Richard Albarran and Kathleen Vouris are showing any signs that the flavour – more copra…