TMA Australia President Carl Gunther.There’s nothing like starvation, marinated in the promise of feasts to come, to expose the rifts between rivals.To wit the recent outbreak of unpleasantries between the Australian Restructuring and Turnaround Association (ARITA) and the Turnaround Management Association (TMA), which began after ARITA announced late last month that it had detected a potential issue with section 588GAAA Safe harbour— temporary relief in…
Deloitte’s Sal Algeri.Images published this week of Virgin planes barricaded behind vehicles at Perth Airport are a reminder that the arrival of insolvency practitioners at the table doesn’t mean every player will surrender their chips.As iNO has been learning, huge, hard-to-house shaped planes are a pain to possess. When it comes to ransoming aviation assets, the jet engines routinely removed for maintenance and just as routinely…
Deloitte’s Sal Algeri.It was lessors gone feral in correspondence between legal representatives of aircraft owners and Virgin’s voluntary administrators (VAs) last week as the owners of the (mostly) grounded fleet sought to extract agreements and undertakings in exchange for refraining from challenging the VA’s application to extend their exemption from personal liability for aircraft lease payments to May 26. The lessors are owed around $1.7…
OpinionMukhtader Mohammed – the aviation specialist is on the front line in the VA’s negotiations with aircraft lessors.There’s certainly been a bit said about the myriad relationships existing between insolvent aviator Virgin Australia and Deloitte, the big four professional services firm to which Virgin’s four voluntary administrators (VA) belong.The DIRRI lodged by the Deloitte four detailed the extent of the relevant relationships, none of which…
KPMG’s Gayle Dickerson.KPMG’s Ryan EagleAnother day, another judgement detailing the havoc wreaked on the voluntary administrations process (VAs) by COVID-9. In Eagle, in the matter of Techfront Australia Pty Limited (administrators appointed) [2020] FCA 542 Justice Kathleen Farrell provided a conveniently succinct account of the obstacles the virus had placed in the path of KPMG partners Ryan Eagle and Gayle Dickerson, who were jointly appointed…
McGrathNicol Partner Kathy Sozou. Image McGrathNicol.Ankura senior managing director Quentin Olde. While the extent of the impact on business of the COVID-19 pandemic remains unknown, what is certain is that Australia’s nascent safe harbour regime and the capacities of our insolvency firms are set to be tested like never before. Restructuring practitioners contacted this week confirmed they were fielding more enquiries from company directors concerned that…
Bentleys’ Tracey Knight.Liquidator Jim DowneyCraig Walton, a key figure in one of the most controversial corporate restructures of recent times, has declared bankruptcy a week before the commencement of a trial brought by liquidators chasing the 63 year old for a $1.65 million debt.A search of the National Personal Insolvency Index reveals Craig Hall Walton, unemployed of East Melbourne, declared himself bankrupt via a debtor’s…
Squire Patton Boggs’ Amanda Banton.An interesting stoush has broken out between Arrium deed administrators (DAs) KordaMentha and Arrium shareholders seeking to publicly examine former director Colin Galbraith.Back in May a Registrar of the NSW Supreme Court issued an examination summons to Galbraith on the application of two shareholders represented by Amanda Banton from Squire Patton Boggs (SPB).Banton’s involvement indicates there’s likely a litigation funder lurking…
Gigalitres of litigation have passed beneath the bridge since the directors of the troubled Walton Constructions Group were referred to the National Australia Bank’s (NAB) preferred troupe of external restructurers back in 2013. In awarding the liquidators of Walton Construction (Qld) Pty Ltd a tidy sum and unwinding one of the most controversial of the various transactions that characterised the Mawson Group’s byzantine plan yesterday, Federal Court judge Roger Derrington has…