Receivership

Jirsch partner dumped as creditors invoke new powers

Grant Thornton’s Phil Campbell-Wilson. Grant Thornton’s Matt Byrnes. Jirsch Sutherland partner Malcolm Howell has branded his removal as liquidator of AFX Group Proprietary Limited “a blatant abuse of the new insolvency laws” after he was replaced at a meeting of creditors last Friday by Grant Thornton’s Matt Byrnes and Phil Campbell-Wilson. The meeting had been convened in accordance with ss 90-15(1) and 90-21(2) of the…


Receiver resists inquiry into asset sale to appointor

Worrels Partner Simon Cathro. Hell hath no fury like a debtor who sees their assets sold at what they believe is significant undervalue – just ask Worrells partner Simon Cathro who is seeking to have dismissed an application for an inquiry into his conduct as receiver of International Business Corporation (IBC). IBC’s secured lender FC Securities appointed Cathro receiver of IBC and some related entities…


Judgment increases chance of pursuit of VA, receiver

Hamilton Murphy’s Stephen Dixon. Worrells’ Ivan Glavas. The likelihood that Hamilton Murphy’s Steve Dixon and Worrells’ Ivan Glavas could come in for some unwelcome attention has edged a little closer to reality following the latest decision of Justice Kevin Lyons of the Supreme Court of Victoria in the unfolding saga that is El-Saafin & Anor v Franek & Ors (No 4) [2020] VSC 389. Dixon…


McGrathNicol trio’s “relevant non-disclosure”

McGrathNicol’s Jason Preston. It wouldn’t do to make too much of the decision of Victorian Supreme Court judicial registrar Ian Irving In the matter of ACN 168 479 614 Pty Ltd (Receivers and Managers Appointed) (Administrators Appointed) [2020] VSC 333 (5 June 2020) but his rulings on disclosure highlight the exacting standards applied to insolvency practitioners seeking to grill directors in the witness box. As…


Fellmane contradictors foil receiver’s cunning plan

Hogan Sprowles’ Brendan Copeland. Those of you with a taste for the intricacies inherent in right of subrogation questions will, In the matter of Fellmane Pty Ltd (in liq) [2020] NSWSC, 595, find much meat in which to sink your fangs. In this matter Hogan Sprowles partner Brendan Copeland has had to go back to the drawing board after a planned sale of an asset…


Receiver and liquidator amiably at odds over chose

Duff & Phelps’ Marcus Ayres. BDO’s Andrew Sallway. It’s not quite a choses in action at 10 paces but a receiver and a liquidator have agreed that no debt proof adjudication will resolve this particular brouhaha. The dispute involves related entities Business Finance Pty Ltd and Partner Invest, which the NSW Supreme Court yesterday heard were in the non-bank lending space. “… he is a…


KPMG trio refinance to keep McGrathNicol pair out

KPMG’s Gayle Dickerson. McGrathNicol’s Kathy Sozou. One thing KPMG’s Gayle Dickerson, Tim Mableson and Ryan Eagle did not want as they laboured over McWilliams Wines Group’s (MWG) debt-tainted assets through January and early February was McGrathNicol relieving them of the opportunity to engineer a sale. The KPMG trio were appointed voluntary administrators early in January and are optimistic they can conclude a transaction by July….


VA too late to South Pelagic Holdings hungi

DW Advisory’s Paul Weston. Worrells’ Simon Cathro. Paul Weston probably knew when he accepted the appointment as voluntary administrator (VA) of the Kiwi-controlled South Pelagic Holdings Pty Ltd (receivers and managers appointed) that his tenure could be brief. By the time lawyer Michael O’Neill brought the referral to the now ex-Pitcher Partners‘ partner in December 2019, receivers were installed and winding up proceedings underway. Weston…


SV appointee’s lower fees repel William Buck pair

SV Partners’ Shumit Banerjee There’s nothing like a free plug from a judge and in this instance SV Partners is the beneficiary thanks to the Federal Court’s Jayne Jagot in Frisken, in the matter of Avant Garde Investments Pty Ltd v Cheema [2020] FCA 98. Justice Jagot was ruling on an application by Avant Garde Investments‘ receiver Daniel Frisken, who wanted the company wound up…


Jirsch partner quits Steller VA after vote controversy

Jirsch Sutherland’s Malcolm Howell. Jirsch Sutherland’s Malcolm Howell must be rueing the relaxed attitude that permeates Australia’s holiday season interlude, given if it were not for an overlooked envelope he might still be administrator of ACN 168 479 614 Pty Ltd, formerly known as Steller Developments Pty Ltd. As it is, the Melbourne-based partner has consented to orders made in the NSW Supreme Court last…