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…
Worrells Con Kokkinos. iNO would not presume to speculate on whether it’s poor judgment, an entrepreneurial appetite for risk or sheer desperation that compels registered liquidators to sometimes accept appointments as voluntary administrators (VA) in situations where it would seem, even to your correspondent’s lay understanding, that only a liquidator will do. Such thoughts occurred however as iNO considered the very recent winding up of…
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…
FMIF receiver David Whyte. FTI Consulting’s John Park. Ex-BDO partner David Whyte might have departed the profession for a life after insolvency but retirement doesn’t mean the abandonment of entitlement to fees incurred, as can be seen from Bruce & Anor v LM Investment Management Limited & Ors [2021] QSC 203. In this long running saga Whyte as receiver of LM First Mortgage Investment Fund…
Suspended trustee Peter Macks. You would think the transfer of a bankrupt estate from one trustee to two others would be straightforward. It’s not like there’s no precedent upon which practitioners and their lawyers can rely. Straightforward however is not a word that could be applied to the brouhaha that’s engulfed Worrells’ Daniel Cvitanovic and Steve Hundy, inheritors of an estate formerly in the hands…
The Sivaa Consulting insolvency statistics compilation for FY to June 30 2021 is out and as can be expected, it was far from an ordinary or provident year for insolvency practitioners, who can only hope that the metrics contained within also represent the very nadir of the profession’s annus horribilis? Of all the numbers crunched and totals arrived at, nothing better illustrates how the measures…
Simon Cathro of Cathro & Partners. For former Worrells partner Simon Cathro, the worst of times might also be the best of times to pursue his ambition to found and grow his own insolvency firm. A 25 year veteran of the sector who’s career includes stints with Hall Chadwick, PwC, Deloitte and EY before he arrived at Worrells in 2015, Cathro told iNO yesterday that…
Online News Corporation’s Jarrod Sierocki. Insolvency practitioners tend to have well honed instincts for an opportunity but iNO can only wonder what Hall Chadwick’s Ginette Muller and Insolvency Guardian’s Jarrod Sierocki have identified that’s convinced them to invest in the digital media space. Along with Sydney-based publicity veteran Rolene Markson, Muller and Sierocki are, iNO has learned, in the process of fund raising for Online…
KPMG’s Will Colwell. KPMG’s Tim Michael. When a secured creditor funding deed administrators gets told that the $250,000 it handed over to fund a section 444GA application is insufficient because the deed administrators’ costs have absorbed it, well, you can imagine that the relationship might become a little strained. Certainly it could be expected that an at least temporary chill descended in respect of exchanges…
iNO Priority RRI Advisory’s Trajan “John” Kukulovski. RRI Advisory’s Liam Bellamy. Noses appear to be out of joint in the Chan & Naylor family, with iNO learning that the mid-tier accountancy is looking elsewhere for insolvency services after its existing go to liquidators – Liam Bellamy and Trajan “John” Kukulovski – parted company with Chan & Naylor principals Ed Chan and Peter Ristevski. The rumours…