Deloitte Partner David Orr.The four Deloitte partners charged with shepherding the Probuild Group Deed of Company Arrangement (DoCA) to effectuation had some unpleasant news for creditors last week.In a circular dated June 1, lead deed administrator David Orr advised that one creditor – Destination Brisbane Consortium (DBC) – had filed an application in the Supreme Court of Queensland on March 31 seeking to amend the…
Hall Chadwick partner Kathleen Vouris. Last week saw one of those scenarios – not entirely uncommon – where the chair of a deadlocked meeting has to give effect to the phrase “creditors will determine the future of the Company”.As well as defenestrating the spirit of the term in its purest sense, chairman or chairwomen choosing to use their power to break a deadlock invariably create…
PKF’s Petr Vrsecky.PKF partner Glenn Franklin.There was much hyperventilating last week after delivery of judgment in the matter of Intellicomms Pty Ltd (in liq) [2022] VSC 228 which record the first application of new laws aimed at combatting illegal phoenix activity. While it’s early days and the judgment could be overturned on appeal, few of the breathless commentators who explored this inaugural application of the…
KPMG’s Peter Gothard.EYs restructuring chief down under – Adam Nikitins.With an asset of the significance of the Basslink undersea electricity transmission cable linking Tasmania and the Australian mainland, it’s not difficult to imagine how a labyrinth of competing interests might have foiled the best efforts of the receivers appointed to the infrastructure group in November 2021 to effect a sale. That the receivers were charged…
Safe Harbour review panel chair Genevieve Sexton.Duff & Phelps-Kroll senior advisor Steve Parbery.The panel charged with reviewing the insolvent trading Safe Harbour provisions has called for a root and branch review of Australia’s insolvency laws, which it said are perceived by many even in the industry as an “an impenetrable quagmire that is scary, complex and unknown.”“Fundamental to such a review is establishing principles with…
EY’s Sam Freeman.EY’s Colby O’Brien.Two of EY’s finest are not letting any impending ARITA sanction impede progress of their work as administrators and liquidators of Pindan Group, the West Australia-based construction and property group that availed itself of EY’s reassuringly familiar services in May of this year.Last month in the Supreme Court of West Australia Sam Freeman, Colby O’Brien and Vincent Smith obtained various grants of relief including…
HLB Mann Judd partner Todd Gammel.Liquidator Todd Gammel endured a light grilling during virtual cross examination on Monday as lawyers for All Filtration Technologies Australia (ALTA) sought to derail the HLB Mann Judd partner’s application for an extension of time in which to bring proceedings related to the ALTA group’s 2015 restructure. Gammel, along with colleague Barry Taylor were required to bring the extension application,…
Helm Advisory founder Stephen Hathway.Helm Advisory’s Phil Hosking.Helm Advisory duo Stephen Hathway and Phil Hosking have resigned as administrators of The Sydney Portugal Community Club Ltd a day after being appointed thanks to their appointors overlooking the requirements of section 41 of the Registered Clubs Act 1976. The Helm pair accepted the appointment on March 15 and resigned immediately after learning that the club’s directors…
Integra Restructuring & Insolvency principal Adam Preiner.An application to adjourn the hearing of a winding up application whilst the applicant is subject to the Part 5.3B small business restructuring regime illuminates some of the potential risks facing registered liquidators who accept appointments as a Small Business Restructuring Practitioner (SBRP).In this case the liquidator is Sydney-based Adam Preiner of Integra Restructuring & Insolvency (INTRI) who on…
Cor Cordis Melbourne partner Bruno Secatore.Deloitte Restructuring Consultant Simon Wallace-Smith.Eventful on multiple levels best describes yesterday’s public examination (PE) of former Deloitte partner and now consultant Simon Wallace-Smith, who was being questioned about his former tenure as liquidator of Last Lap Pty Ltd by counsel for the current incumbent.To start with, there were problems with all the parties being on the same page in respect…