Receivership

McGrath duo’s fee mea culpa after trust bungle

McGrathNicol’s Jonathan Henry McGrathNicol Partner Kathy Sozou. When liquidators accidentally pay themselves remuneration from trust assets for work unrelated to the recovery and preservation of those trust assets then a reckoning is nigh. For McGrathNicol duo Jonathan Henry and Kathy Sozou, that reckoning took the form of an application in the NSW Supreme Court recently for retrospective approval of a sum of remuneration – substantially…


Receivers gazumped by superior security

BPS Recovery’s Dave Hurst. BPS Recovery’s Dave Sampson. 04/08/2021: If only validity were in the eye of the appointor. For two Hall Chadwick partners appointed receivers of The Gosford Pty Ltd, a two buck shell with a tenuous grip on a contested asset, the validity of their appointor’s security has not withstood a rival’s challenge, leaving the pair gazumped and shunted to the queue’s rear….


11th hour lien claim ruffles receivers

Hall Chadwick’s John Vouris. There may be quite a stoush germinating between Atlas CTL Pty Ltd‘s receivers Matt Byrnes and Andrew Hewitt and the company’s lien-wielding liquidators Richard Albarran, John Vouris and Richard Lawrence over entitlement to assets which formed part of the auto leasing outfit. “After a year of blistering inactivity and at the urging we understand of Volkswagons’ lawyers, they have suddenly indicated…


ASIC didn’t get the memo

O’Brien Palmer’s Daniel Frisken. Hall Chadwick partner Sule Arnautovic. (Image: Hall Chadwick) As iNO readers are well aware, what the official ASIC record shows and what actually is are often not immediately reconciled. Up until Tuesday this week, the ASIC companies database listed property developer and aspiring mining magnate Ibrahim Chambour as a director of ICA Mining, along with one Anthony Ford. But when we…


Liquidator hands failed mining ambitions to old boss

O’Brien Palmer’s Daniel Frisken. (Image: O’Brien Palmer) Hall Chadwick partner Sule Arnautovic. (Image: Hall Chadwick) Everybody wants to be an iron ore magnate these days but liquidator Daniel Frisken’s foray into the mining and minerals game has come unstuck with the placing into voluntary administration (VA) of ICA Mining, a company which had until recently purported to be advancing the resurrection of the old Peko…


Remuneration bid prompts inquiry application

PKF partner Brad Tonks. PKF partner Mark Roufeil. Brad Tonks and Mark Roufeil are getting grief over their decision to defend a set of proceedings whilst appointed receivers of Sahab Holdings, and it’s a species of grief that would not be unfamiliar to insolvency practitioners who’ve had to deal with assets being fought over by families. On Monday Robert Glasson, counsel for the PKF pair…


Judge slams “totally disproportionate” fees

Hamilton Murphy principal Richard Rohrt. Hamilton Murphy’s Stephen Dixon. Hamilton Murphy’s Richard Rohrt and Stephen Dixon have a Ferrari to sell now that they’ve been appointed receivers and managers over the property, assets and undertaking of The Rose Guerin and Partners Trust but getting paid for their labours won’t be straightforward after a judge ripped ’em a newie in respect of their “totally disproportionate” fees….


Liquidator eyes $800k, receivers eye conduct inquiry

PwC’s Andrew Scott. KordaMentha partner Kate Conneely. PwC’s Andy Scott is looking at this point the only obvious winner among the parties scrimmaging over a $2.28 million pot of excess cash Scott has generated in his role as liquidator of Parkway One Pty Ltd and receiver manager of the Parkway One Unit Trust. The other parties – those asserting to be lenders with secured interests…


Ex-liquidator making hay in distressed lending

Andrew Wily: not done with hunting? It’s no great stretch to imagine a former liquidator would be well equipped to earn his or her crust from the crumbs that fall from failed deals in the distressed lending space. It’s even less of a stretch to imagine that that ex-liquidator might be former Armstrong Wily principal Andrew Hugh Jenner Wily. The ever colourful Wily relinquished his…


Spine in Hall Chadwick paw resists dislodgment

Etienne Lawyers Steven Brown. Hall Chadwick’s Richard Albarran. Hall Chadwick Sydney partners are slowly but surely being dragged closer to a day of either reckoning or redemption in respect of allegations of deceit going back to 2005, with NSW Supreme Court judge Guy Parker last week agreeing to allow mightily vexed (and determined) creditor Owen Salmon to amend his statement of claim. In Salmon v…