Social/Professional

Basslink receivers on the way out after sale fail

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…


VA defeats “disruptive humbug” amid ad valorem bid

SV Partners’ David Stimpson. A recent judgment of Queensland Supreme Court judge David Jackson contains a wealth of insight into issues of relevance to insolvency practitioners, most notably those of solvency or insolvency, validity of appointment, remuneration and last but not least, disruptive humbug. Whilst the judgment represents an exceptional reference for practitioners and their legal advisors alike, some thought must be spared for the…


VAs’ salvage lien claim fails “Universal” test

Hall Chadwick’s Richard Albarran. Hall Chadwick’s Richard Lawrence. “Nice try but no cigar” might have been the words chief judge in equity David Hammerschlag muttered as he put the finishing touches to his ruling on the application by three Hall Chadwick partners for an order that they were entitled to an equitable lien over funds that might normally have been excepted to be the exclusive…


Liquidator’s consent beaten by rival’s

Westburn Advisory’s Shumit Banerjee. Chifley Advisory’s Mohammad Najjar. In these hyper-competitive times missing out on a gig to a rival must sting and all the more so when lawyers are telling courts there are issues with your consent. This week lawyers appeared in the NSW Supreme Court in the matter of Dynamic Water Solutions Pty Ltd. An application to wind up the company was the…


Worrells walloped in dispute with ex-partner

Oracle Advisory founder Nick Cooper. Worrells partner Paul Burness. There’ll be a gnashing of teeth among Worrells’ equity partners after a court ordered Worrells Services Pty Ltd (Services) – which houses the Worrells network’s liquidation file data – to pay indemnity costs to former Worrells South Australia (SA) partner Nick Cooper. In a recent judgment handed down by Supreme Court of South Australia judge Katrina…


Quill’s alleged crimes promise pain for Deloitte

Aluminium underpants purchased with funds allegedly defrauded from Deloitte by ex-Restructuring Division director Paul Quill. One of the certainties to flow from the reporting to police of allegations of criminal conduct by former Deloitte director Paul Quill is that the big four firm’s forensic division now has a whole lot more work in front of it. Quill, who allegedly rorted more than $3 million in…


SPL bid founders as judge queries “onerous” fee

WLP Restructuring’s Glenn Livingstone. Hall Chadwick partner Sule Arnautovic. Coming before a judge with an incompletely charted special purpose liquidator (SPL) application must be considered to be a fraught exercise. But when the aspiring SPL’s proposed funder also demands an ogre-sized serving of any proceeds of litigation well, why bother incurring the filing fee? In this case those applicants – Philip King’s Rockgold Holdings and…


Ringside 2022 – No undercards, just main events

ADVERTORIAL Switzer Financial founder and RINGSIDE 2022 keynote speaker Peter Switzer. Small Business and Family Enterprise ombudsman Bruce Bilson. There’ll be no ho hum undercards or warm up bouts ahead of the main event at the Association of Independent Insolvency Practitioners (AIIP) Ringside 2022 Annual Conference. The line up of talent scheduled to assemble at Canberra’s Hyatt Hotel in late June promises hard hitting infotainment…


Liquidators fail to have summonses dismissed

KPMG partner James Dampney. KPMG’s Peter Gothard. Electing to flog a chilled foods business to its main competitor has come back to bite current and ex-KPMG partners after they failed this week to have examinations summonses issued by the former owner of the business dismissed. On Wednesday in the NSW Supreme Court Judge Kate Williams ruled that Peter Gothard, James Dampney and former KPMG senior…


Bid to appeal indemnity costs crunched

I&R Advisory partner David Ross. Hall Chadwick partner Blair Pleash. There’s admirable persistence and then there’s futile pursuit. iNO would not presume to opine on where the line between the two lies and in fact, armed with the recent judgment of Ross (Liquidator) in the matter of Print Mail Logistics (International) Pty Ltd (In Liq) v Elias [2022] FCA 296, speculation is unnecessary. The judgement,…