Regulation/Legislation

iNO Opinion: ASIC arrests decline but trend continues

ASIC, all powerful approver and refuser of applications from those aspiring to be registered as liquidators, has arrested the worrying decline in the accountancy sub-species with latest figures showing the number of RegLiqs has bounced off a 20 year low. In its recent Licensing and professional registration activities: 2021 update the regulator revealed that after approving 31 applications for registration in the period from July…


Compliance boffins discover unregulated microcosm

ASIC chairman Joe Longo. One should never under-estimate ASIC for making much of little, particularly in regards to the imposition of compliance where experienced professionals were previously free to call the shots without reference to rules conceived by inexperienced bureaucrats. So it was that iNO could not but be amused when browsing ASIC’s latest manifesto of intent to see that among the various new ideas…


ARITA brands ASIC “hypocritical” over IFM

In the wake of the release last month of ASIC’s latest Cost Recovery Implementation Statement (CRIS) it’s clear that ARITA’s opposition to the liquidator levy has not waned in the face of the COVID 19 pandemic, and having burrowed through the CRIS iNO can but conclude that the hostility’s warranted. “Given the high levels of disclosure which are required of registered liquidators when seeking approval…


Court can’t appoint SPL and won’t appoint RevLiq

McGrathNicol’s Anthony Connelly. McGrathNicol’s Jamie Harris. You don’t have to delve too deeply into Justice John Griffith’s August 17 ruling on a failed application to appoint a reviewing liquidator to conclude that the incumbent appointees probably didn’t lost much sleep worrying about what any RevLiq might’ve found in respect of their sale of the assets of Battery Minerals Resources (BMR). McGrathNicol’s Anthony Connelly and Jamie…


Rich listers back first challenge to assignments

Cor Cordis partner Jason Tang. Cor Cordis NSW partner Ozem Kassem. Jason Tang and Ozem Kassem are in line to make a little history whichever way things fall in their stoush with the barons of Botox, Alistair Champion and Babak Moini. For almost a year the Cor Cordis pair have been quietly defending claims brought by the hair removal rich listers who allege that in…


Liquidators lashed after staff lose redundancy

Joe Hayes of Wexted Advisers. Wexted Advisors Andrew McCabe. Liquidators Joe Hayes and Andrew McCabe have copped a bollicking from Administrative Appeals Tribunal (AAT) senior member Chris Puplick for what might qualify as the sin of disinterest. As is revealed in the recent decision of Tjoputra and Secretary, Attorney-General’s Department [2021] AATA 1596 the Wexted Advisors pair didn’t inform two employees of Object Consulting Pty…


Court okays administrator’s “truncated liquidation”

McGrathNicol Partner Kathy Sozou. Image McGrathNicol. Wexted Advisors’ Joe Hayes. There cannot be too many insolvency practitioners who first worked on an external administration as a graduate accountant and almost 20 years later are preparing to deregister the same entity as partner. Kathy Sozou can lay claim to imminent inclusion in this elite group. The revelation of the McGrathNicol partner’s trauma unit-to-crematorium involvement in Black…


On assignments and proper execution

Guest Article by JT Johnson, Frederick Jordan Chambers On 12 May, 2021 iNO reported in “AFSA’s “Ignorant Bureaucracy” Excoriated” comments made in Woodgate in his capacity as Deed Administrator of Onezone Pty Limited (subject to Deed of Company Arrangement) v Brown [2021] NSWSC 508, a judgment of the NSW Supreme Court. In reviewing the judgement referred to above it appears clear that the relevant judge…


Insurer funds IP’s legals in defence and cross claim

BRI Ferrier’s David Coyne. It’s not every day a liquidator gets their legal expenses for both the defence of a claim and pursuit of a cross-claim paid for by the applicant and respondent on the other side of the dispute, but BRI Ferrier Victoria boss David Coyne currently occupies this happy place, courtesy of QBE. The uncommon state of affairs came to iNO’s attention whilst…


SBS – brought to you by Telstra

McGrathNicol’s Barry Kogan. McGrathNicol’s Jonathan Henry You wouldn’t have known it these last few months but the screening of programs on Australia’s peak multicultural and multilingual television broadcaster has been hanging by a thread whose integrity has been maintained by the continuing efforts of Barry Kogan, Jon Henry and their team at McGrathNicol, the assiduous application of S 447A in the courts and an $850,000…