Social/Professional

“dog’s breakfast” spray highlights ILRA divide

Perhaps we can take comfort when the views of the insolvency regulators are diametrically opposed to the views of experts in the industry and academe? After all, isn’t ensuring nobody is happy the secret to successful government? Such were the thoughts that occurred as SiN read the social media commentary issuing forth after September 1, the day the second and final tranche of the Insolvency…


Ex-McGrathNicol Eszenyi ASIC’s new liquidator cop

Well it’s taken the corporate regulator a moment to catch up – a moment lasting 11 weeks and two days to be precise – but at last the Australian Securities and Investments Commission (ASIC) has confirmed what SiN flagged back on June 2 – Thea Eszenyi, formerly of the now defunct Adelaide office of McGrathNicol – is to be ASIC’s new cop on the liquidator…


Pre-packs proposal

Moves afoot to propel pre-packs onto political agenda

Pre-positioned sales or pre-packs might trigger an involuntary cringe reflex in politicians and regulators hyper-sensitised to the risk of illegal phoenix activity but that isn’t stopping insolvency law guru Richard Fisher AM or liquidator Nick Crouch, who are combining forces to put the concept on the political agenda. Presenting at a meeting of the Association of Independent Insolvency Practitioners (AIIP) yesterday, Fisher and Crouch explained…


Dopking

And then there were three – Dopking departs FTI

It’s not often that a liquidator confirms that three liquidators will suffice on a job that for 18 months has required four but FTI Consulting’s John Park did so yesterday in response to a query from SiN about his colleague and fellow general purpose liquidator (GPL) of Queensland Nickel, Stefan Dopking. “Correct. Three GPL’s all that is needed. Cheers John”, Park said by way of a…


Another director’s pick flicked by subbies

Subbies United, the online sub-contractors collective assisting unsecured creditors in construction and related industry insolvencies, has flexed its muscles again. At the first meeting of creditors of Queensland One Homes Pty Ltd yesterday, Anne-Marie Barley found herself with little choice but to relinquish her role as liquidator after a vote to replace her was carried by the numbers three to one. Assuming the mantle was Menzies…


COPP

ARITA COPP makeover underway before Korda’s call

In correspondence obtained by SiN, Ten Network Holdings’ administrator Mark Korda expressed his view that the ARITA Code of Professional Practice (COPP) required an upgrade if it was to adequately accommodate the realities of modern restructuring, particularly the realities represented by his firm’s work for Ten’s stakeholders in the months prior to its appointment as voluntary administrators (VAs) of the Ten Group. “KordaMentha recognises the important…


Lost renewal reminder plagues Worrells pair

ASIC glitch sees liquidators miss registration renewal

Who reads those ASIC Regulatory Guides about registration renewal anyhow, apart perhaps from ARITA’s technical gurus, sundry boffins of a regulatory bent and your yarn-starved correspondent? Certainly not every single registered liquidator and among them definitely not Worrells’ Nick Cooper and Nathan Deppeler, who on the last day of the financial year received a phone call from the Australian Securities and Investments Commission (ASIC) advising that…


ARITA heeding small fry’s call on precedents

With compliance assuming an elephantine prominence in the day-to-day existence of the insolvency practitioner, it’s no surprise that the smaller, less-resourced operators have found it difficult to cope without updated precedents. The number of hours in a day is after all, frustratingly inelastic. Those frustrations have been intensified by the perception – commonly expressed to SiN by the more diminutive practices – that the Australian…


Resolve hopes to disrupt anad dominate

Resolve looking to disrupt and dominate

A trio of entrepreneurs is preparing to shake up the established model of distressed asset sales by launching Resolve, an online platform designed to effect transactions between insolvency practitioners and distressed asset investors on a secure digital exchange. The three Melbournians – Edward Scott, and brothers Simon and Andrew Plummer – see an opportunity to recreate the existing process by which practitioners with assets to sell…


Korda’s TEN DIRRI a gameshow script

Are Mark Korda, Jenny Nettleton and Jarrod Villani planning a game show? One with enough ratings oomph to haul the Ten Network Holdings out of its abyssal fiscal hole and propel it to the summit of profit? This was SiN’s initial inference on reading the Declaration of Independence Relevant Relationships & Indemnities (DIRRI) produced by the three KordaMentha partners, who were appointed voluntary administrators of Ten Network…