Regulation/Legislation Archives · Page 13 of 14

Liquidations, Liquidators, Litigation, Regulation/Legislation 22 February 2017

Bruck Writs served – challenge under Section 596AB

It’s been a while coming but lawyers for the liquidators of Bruck Textile Technologies (BTT) (In Liquidation) have served the company’s two most senior officers and its owner and chairman with a multi-million dollar compensation claim in which they allege the defendants breached their directors duties, engineered uncommercial transactions and contravened the Corporations Act’s section 265D as it applies to capital reductions. BTT’s chairman and owner,…

Fees, Liquidators, Regulation/Legislation 10 February 2017

FEG letters spoiled Christmas for some

On December 19 last year the industrious litigators heading the Fair Entitlements Guarantee (FEG) Recovery Program got the two things they must’ve wanted most. A Commonwealth decree declaring their pilot program permanent, and more funding. At around the same time, a number of liquidators received correspondence from the FEG Recovery team. Apparently the letters – authored SiN understands by Arnold Bloch Leibler – requested that…

Discipline, Liquidators, Regulation/Legislation 10 February 2017

ASIC inquiry into Wily and Hurst branded “Kafkaesque”

Subversive utterances were overheard in the corridors of law yesterday, after ASIC’s application for an inquiring into the conduct of liquidators Andrew Wily and David Hurst ran into resistance at the first directions. The moment he was able, Wily’s barrister Farid Assif leapt to his feet and attacked the form and process of ASIC’s application, demanding it be simplified and insisting that no order could…

Federal Court to rule on special purpose liquidator application

Liquidations, Liquidators, Regulation/Legislation 25 January 2017

SPLs for ABC as ATO moves to replace Condon

The Australian Tax Office (ATO) has asked the Federal Court to appoint Korda Mentha’s Rahul Goyal and David Winterbottom special purpose liquidators (SPLs) of a company formerly known as ABC Refinery Pty Ltd in a move that would supplant general purpose liquidator (GPL) Schon Condon and focus the ATO’s GST fight with the precious metal refining sector squarely on the owners behind the Pallion precious metals group. In…

Liquidato rin the middle of war between ATO and gold refiner

Liquidations, Liquidators, Litigation, Regulation/Legislation 22 January 2017

Breaking – ATO sues gold refiner for $200 million

The Australian Tax Office (ATO) has launched a $200 million claim in the Federal Court against ABC Refinery Pty Ltd, four months after the company’s directors resolved to wind up the Sydney-based gold refiner and appointed Condon Associates’ Schon Condon as liquidator. Lawyers for the Deputy Commissioner of Taxation (DCOT) lodged an originating process and supporting affidavit in the Federal Court last Friday. Neither Condon or ABC…

Cor Cordis adjourns creditors meeting again

Liquidators, Litigation, Regulation/Legislation 9 December 2016

Cor Cordis adjourns again as ATO plays coy

The Australian Taxation Office (ATO) is making life a tad difficult for Cor Cordis partners Ozem Kassem and Jason Tang with a judge this week hearing that the joint liquidators of Project 1876 Pty Ltd needed to reschedule a meeting of creditors for a second time. SiN understands the application was made so as to allow the ATO, which is the company’s major creditor, more time to consider a most…

Regulation/Legislation, VA's & DoCA's 2 December 2016

Hall Chadwick pair warned off by ASIC

SiN’s Market Street hackers recently relayed that the liquidator cop was not comfortable with Hall Chadwick’s Cameron Shaw and Richard Albarran agreeing to an appointment as voluntary administrators (VAs) of Monnif Pty Ltd. The West Australian outfit, which trades under the name Monty’s Plant Hire, was the subject of winding up proceedings initiated by Bank of Queensland Equipment Finance (BOQEF) in the Supreme Court of Queensland on…

Lawyers, Liquidations, Liquidators, Regulation/Legislation 16 November 2016

Creditors reject Ferriers pair over ATO role

Creditors have rejected an attempt to supplant liquidator Schon Condon at a recent meeting of ABC Refinery Pty Ltd where the replacement’s independence came under scrutiny and the meeting chairman was forced to reprimand an Australian Tax Office (ATO) official. The minutes of the October 7 meeting outline how the ATO sought to have the Condon Associates founder and principal replaced with Ferrier Hodgson’s Robyn Duggan and…

Regulation/Legislation, Social/Professional 4 November 2016

Pre-insolvency shenanigans unveiled

The latest mail on what regulators are doing to combat illegal phoenix activity was delivered yesterday at the Westin Hotel during a panel discussion for the Australian Restructuring Insolvency & Turnaround Association’s (ARITA) NSW/ACT divisional conference. A multi-agency approach, utilising big data cross matched and shared, is where it’s at, delegates heard. Michael Seddon from the Australian Taxation Office (ATO) talked about the anti-phoenix task force and…

Discipline, Regulation/Legislation 2 November 2016

Regulator regulating liquidators out of existence

The Australian Securities and Investment Commission’s (ASIC) annual report for 2015 – 2016 was released yesterday and the data contained within demonstrates no lessening in the scrutiny the regulator applies to Australia’s current population of 707 registered liquidators. In the last financial year 24 liquidators and auditors were subject to enforcement action brought by ASIC. The preceding year the number was six. During the period…