Despite his legal team pitching arguments that were said to have at times lacked clarity, a Sydney liquidator has been spared the ignominy of paying up to $500,000 in indemnity costs for a failed attempt at replacing a receiver. Instead, NSW Supreme Court justice Kate Williams has ordered that the costs of the defendants In the matter of Sirrah Pty Limited (In Liquidation) (No 2)…
Hogan Sprowles partner Brendan Copeland. Fish rotting under floorboards, anti-vacaters, rivals threatening to scrutinise your fees and freezing orders impeding progress – as liquidator and receiver of Fellmane Pty Ltd Brendan Copeland has earned his fees. Certainly NSW Supreme Court judge Ashley Black thought so when on Monday he found no reason to block or discount the Hogan Sprowles partner’s claim for $263,000 in remuneration,…
Farshad Amirbeaggi. Mackay Goodwin principal Domenic Calabretta. Image courtesy Mackay Goodwin. A liquidator’s estimate of a return to creditors of between 51 cents and 100 cents in the dollar may have been imperilled after attempts to appoint a receiver to sell a luxury property in Bali were rejected by the courts. In failing to have a receiver appointed Hayes Advisory principal and liquidator of Sirrah…
KPMG’s Matthew Woods There’s a line between acceptable levels of risk taking on behalf of creditors and forcing one’s hand in pursuit of fees, and as Federal Court judge Darren Jackson recently explained, material distinctions in respect of indemnities when things go south. Or in this case west, where those material differences came to the fore when KPMG’s Perth-based head honcho of restructuring Matt Woods…
Cor Cordis partner Jeremy Nipps. Cor Cordis partner Barry Wight. Cor Cordis partners Barry Wight and Jeremy Nipps have taken great care to read the tea leaves in respect of their recent application to the court for orders appointing Mark Korda and Rahul Goyal as receiver/managers of Elite Opera Holdings Pty Ltd (EOH). The pair could have applied to have themselves appointed as receivers to…
FMIF receiver David Whyte. FTI Consulting’s John Park. Ex-BDO partner David Whyte might have departed the profession for a life after insolvency but retirement doesn’t mean the abandonment of entitlement to fees incurred, as can be seen from Bruce & Anor v LM Investment Management Limited & Ors [2021] QSC 203. In this long running saga Whyte as receiver of LM First Mortgage Investment Fund…
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…
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….
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…
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…