Social/Professional

Condon Advisory Group punts on Victoria

Advertorial Condon Advisory Group’s Schon Condon. Michael Royal: spearheading Condon Advisory Group’s Melbourne move. Sydney insolvency firm Condon Advisory Group (CAG) is demonstrating some entrepreneurial grit with an expansion into Victoria through an arrangement with Melbourne-based practitioner Michael Royal. “In order to service the growing number of Victorian businesses suffering during recent times, CAG will be expanding its operation by opening an office in Melbourne…


Fly365 “flush with cash” before liquidator appointed

Aston Chace’s Ian Niccol. Aston Chace’s Vincent Pirina. A court has heard that the coffers of failed online travel agency Fly365 were “flush with cash” only days before the company was placed into liquidation, plunging the travel plans of thousands into chaos and leaving creditors chasing up to $30 million in debts. The revelations emerged during an ex-parte application in the Federal Court yesterday brought…


ASIC pursues beef with KPMG pair over GD Pork

KPMG’s Martin Jones. KPMG’s Andrew Smith. There’s an intriguing stoush simmering away in Fortress West Australia where the corporate regulator has urgently intervened in an application by two KPMG restructuring partners in respect of remuneration.  The fun began on February 1, 2019 when then Ferrier Hodgson Perth partner and liquidator Martin Jones filed an originating process and supporting documentation with the West Australian Supreme Court. …


Oracle cuts Worrells adrift in SA, temporarily

The Oracle Insolvncy Services partnership from left to right: Dominic Cantone, Yulia Petrenko and Nick Cooper. It was little more than six years ago that Worrells trumpeted its arrival in South Australia via the recruitment of an ambitious liquidator by the name of Nick Cooper. Cooper had been lured from the BRI Ferrier SA practice headed by Alan Scott and Andre Strazdins, which itself had…


Hughes bruised as Westgem judge rejects voidables

Pitcher Partners’ Bryan Hughes. Pitcher Partners’ Perth office nabob Bryan Hughes has come in for some stick in a judgment of the Supreme Court of Western Australia, which has rejected Hughes’ multiple claims of voidable transactions in respect of stricken developer Westgem. In what may turn out to be a costly decision for Hughes’ litigation funder IMF, Justice Paul Tottle said yesterday that the basis…


Grant Thornton duo prepare to tread perilous path

Grant Thornton’s Matt Byrnes. Grant Thornton’s Phil Campbell-Wilson. Having replaced Jirsch Sutherland’s Malcolm Howell as liquidators of AXF Group, Grant Thornton duo Matt Byrnes and Phil Campbell-Wilson now have the job of negotiating AXF Group’s related party labyrinth, and that’s without considering the attitude of Howell’s out-of-pocket backers, Claims Funding Australia (CFA). According to Howell’s last report to creditors dated August 4, the Maurice Blackburn-backed…


Jirsch partner dumped as creditors invoke new powers

Grant Thornton’s Phil Campbell-Wilson. Grant Thornton’s Matt Byrnes. Jirsch Sutherland partner Malcolm Howell has branded his removal as liquidator of AFX Group Proprietary Limited “a blatant abuse of the new insolvency laws” after he was replaced at a meeting of creditors last Friday by Grant Thornton’s Matt Byrnes and Phil Campbell-Wilson. The meeting had been convened in accordance with ss 90-15(1) and 90-21(2) of the…


Cor Cordis’s $500,000 I-Prosperity indemnity

Cor Cordis’s Jeremy Nipps. Cor Cordis’sBarry Wight. The God awful mess that is the I-Prosperity collapse seems certain to test the patience, skill and resources of the nine practitioners currently appointed across the group’s many entities, but we think the Cor Cordis threesome of Jeremy Nipps, Barry Wight and Alan Walker will have the toughest time of it. iNO says this because according to the…


Insolvency 2020: How the year succumbed to CORONA

Mackay Goodwin principal Domenic Calabretta. Image courtesy Mackay Goodwin. They say the first sign of an impending tsunami is evidenced by the waterline receding. If that’s so then Sivaa Consulting’s FY20 Insolvency Analytics report demonstrates in detail how formal insolvency appointment volumes retreated in the latter stages of the 2019/2020 financial year. In July 2019 there were 944 formal insolvency appointments. The previous corresponding July…


Brother’s link to referrer complicates liquidator’s life

With its connections to Knox Grammar and the Baptist Church high profile building industry failure Clifford Constructions was always going to present added complications for whichever liquidators won the appointment, and that’s without the further complication of one of the liquidator’s brother’s links to the referrer. The link and the potential for conflict it creates is disclosed in the Declaration of Independence, Relevant Relationships and…