The transcripts of the latest session of the Senate inquiry into Lending to Primary Production Customers contain some illuminating insights into perceptions of the insolvency profession. Put simply, a few unfortunate examples of a less than ideal outcome – say a rural property being sold by receivers at a price unlikely to pop corks – seem to have been taken by the Senate Committee as…
Early next month a series of contested interlocutory applications will be heard that could see PPB Advisory’s Steve Parbery and Glenn Livingstone surf in on what until now has been Deloitte’s exclusive turf – the web of entities linked to the alleged $130 million Plutus Payroll PAYG fraud. On Monday, the NSW Supreme Court heard that Synep Pty Limited – the company at the head of the…
Before one casts a critical eye over the back yards of others, one’s own patch must be beyond reproach, which brings us to the slightly unkempt quarter acre awaiting incoming ASIC chairman James Shipton. “One of the reasons I left to become a regulator is that I genuinely believed that financial institutions, big and small, had lost their way and were losing the trust of…
The Tax Commissioner’s bid for a Federal Court inquiry into the conduct of liquidator David Iannuzzi is an eyebrow raiser for several reasons. Documents made public by the Federal Court reveal that the tax boss wants an inquiry; an order requiring the Veritas Advisory principal to pay compensation; and an order banning him from holding a liquidator’s registration for 10 years. As reported in SiN earlier this week…
It’s the fight they had to have before the fight they’re about to have. In one corner of both the undercard and the main event are Deloitte’s Neil Cussen and David Mansfield, liquidators and receivers of various entities within the Patinack Farm Holdings group once controlled by bankrupt asset trader, Nathan Tinkler. The pair are pitted in both bouts against the Commissioner of Taxation (CoT), who wants to muscle in…
Perhaps we can take comfort when the views of the insolvency regulators are diametrically opposed to the views of experts in the industry and academe? After all, isn’t ensuring nobody is happy the secret to successful government? Such were the thoughts that occurred as SiN read the social media commentary issuing forth after September 1, the day the second and final tranche of the Insolvency…
The barrister defending controversial ex-liquidator Andrew Wily against ASIC’s call for a judicial inquiry didn’t hold back yesterday. “There’s an element of spite about this,” barrister Ian Jackman SC told presiding Judge Paul Brereton as he sought to undermine ASIC’s case. “They want public censure,” he said. Jackman’s allegation of a spite motivation was part of a bid to demonstrate why the regulator’s application for a…
Worrells pair Nathan Deppeler and Nick Cooper have at last put their brief stint as unwittingly unregistered liquidators behind them and Federal Court Judge David O’Callaghan has disclosed in his recently published reasons the difficulties in hearing an application from the pair when they were technically unregistered. As Justice O’Callaghan pointed out in his opening, “Their registrations as liquidators expired earlier this year because, through inadvertence,…
Pre-positioned sales or pre-packs might trigger an involuntary cringe reflex in politicians and regulators hyper-sensitised to the risk of illegal phoenix activity but that isn’t stopping insolvency law guru Richard Fisher AM or liquidator Nick Crouch, who are combining forces to put the concept on the political agenda. Presenting at a meeting of the Association of Independent Insolvency Practitioners (AIIP) yesterday, Fisher and Crouch explained…
It was back in June that Justice Paul Brereton of the NSW Supreme Court ordered that three Deloitte partners be appointed provisional liquidators of various companies connected to the $165 million Plutus Payroll tax fraud scandal, but it’s his comments in the judgment supporting those orders that might be of interest to readers of SiN. The application to appoint Deloitte’s Tim Norman, Ezio Senatori and Sal Algeri …