Social/Professional

Virgin – VA’s rivals riled and claiming conflicts

Deloitte’s Vaughan Strawbridge. KordaMentha’s Mark Korda. As significant a news story as Deloitte’s appointment as voluntary administrators (VAs) of Virgin Australia Group is, it pales beside the unsubstantiated scuttlebutt upon which iNO routinely latches like a vengeful lamprey with a surfeit of monarchs. Simply put, the mail going around is that KordaMentha co-founder Mark Korda is less than impressed at being overlooked for this historic…


TALENT TRANSFER – Duff & Phelps snares PPB alumni

Duff & Phelps’ Ken Whittingham. Signed with Duff & Phelps: Marcus Ayres. For some time Talent Transfer has been wondering where insolvency veteran Ken Whittingham would land since departing PwC. Now we know. The former PPB partner, who endured less than a year at the big four consultancy before succumbing to the conflict-a-thon, has emerged in a senior role at the Sydney office of global…


Freeze Safe Harbour Provisions: ARITA president

ARITA President Scott Atkins. AIIP President Stephen Hathway. ARITA president Scott Atkins wants businesses seeking safe harbour protection to be exempted from compliance with their tax and employee obligations as the COVID-19 pandemic threatens to decimate Australian SMEs. Atkins, who is Head of Risk Advisory at Norton Rose Fullbright, said to prevent mass insolvencies the federal government should freeze laws around insolvent trading and safe…


Pandemic to test Safe Harbour, profession

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…


Lengthy liquidation persists as PwC veteran retires

Recently retired from PwC: Greg Hall. Retired PwC veteran Greg Hall may have had enough after more than 20 years as liquidator of Interchase Corporation, but the need for external administrators persists, with his now former colleagues Phil Carter and Daniel Walley appointed as Hall’s replacements yesterday by order of the Federal Court. During the brief hearing before Justice Jacquie “how sweet it is” Gleeson,…


VA too late to South Pelagic Holdings hungi

DW Advisory’s Paul Weston. Worrells’ Simon Cathro. Paul Weston probably knew when he accepted the appointment as voluntary administrator (VA) of the Kiwi-controlled South Pelagic Holdings Pty Ltd (receivers and managers appointed) that his tenure could be brief. By the time lawyer Michael O’Neill brought the referral to the now ex-Pitcher Partners‘ partner in December 2019, receivers were installed and winding up proceedings underway. Weston…


Pitcher Partners’ NSW Insolvency Division defects

Ex-Pitcher Partners’ Paul Weston. DW Advisorys Anthony Elkerton. Pitcher Partners NSW has been left temporarily without an insolvency capability after its entire team defected to DW Advisory. Speaking to iNO yesterday, outgoing Pitchers partner Paul Weston said after 10 years he was ready to move out of the mid-tier multi-disciplinary space into a boutique insolvency-focussed environment. “I love the game and I love the people…


Pre-insolvency advisor sentenced to 5 years

Pre-insolvency advisor Stephen Mark O’Neill. Image courtesy ABC. Notorious pre-insolvency advisor Stephen Mark O’Neill 54 of Port Melbourne – aka Steve Marks – has been sentenced today to five years gaol after last year pleading guilty to one count of dealing with proceeds of crime. The scheduled imprisonment was originally to take place yesterday but was adjourned for 24 hours yesterday morning so a judge…


Beirut or Bangkok? OBP’s conference conundrum

O’Brien Palmer’s Chris Palmer. O’Brien Palmer’s Liam Bailey. In times past the Lebanese capital of Beirut has been described as the Paris of the Middle East, but the political upheaval currently tarnishing this pearl of the Levant has thrown up curly questions for insolvency firm O’Brien Palmer (OBP). To Beirut or Bangkok is the conundrum OBP’s Chris Palmer, Liam Bailey and their colleagues must resolve…


Old mates, tax and Texans

Gavin Morton. There’s always potential for things to go a tad awry when your appointor’s an old mate and a tad awry is one way to describe how the liquidation of Screaming Eagle Pty Ltd’s panned out for Gavin Morton. Queensland-based Morton accepted an appointment as liquidator of the company in late 2016 from Screaming Eagle’s then director, Stuart Alan Dreves of Seaforth in Sydney….