Social/Professional

Judge brands industry titan “dishonest”

KordaMentha’s Mark Korda. Can there be any greater threat to reputation than judicial authority publishing slanders whilst cloaked in absolute privilege? Certainly insolvency industry titan Mark Korda might not think so. Last week the man whose reputation as one of Australia’s preeminent insolvency practitioners and restructuring advisors has been forged over 40 years at the sharp end of corporate distress had his name besmirched in…


Liquidators ordered to pay $125k each

Pitcher Partners’ Andrew Yeo. Victorian liquidator Ross McDermott. It’s been some time but the wearisome tale of Lonnex, a company connected to the late Dr Geoffrey Edelstein, could be at an end after Pitcher Partners’ Andrew Yeo obtained court approval for a deal that ends the ongoing scrap between major creditor the ATO and Lonnex’s former liquidators. Details of this dispute’s seeming resolution were delivered…


Australian insolvency laws an “impenetrable quagmire”

Safe Harbour review panel chair Genevieve Sexton. Duff & Phelps-Kroll senior advisor Steve Parbery. The panel charged with reviewing the insolvent trading Safe Harbour provisions has called for a root and branch review of Australia’s insolvency laws, which it said are perceived by many even in the industry as an “an impenetrable quagmire that is scary, complex and unknown.” “Fundamental to such a review is…


High Court refuses dVT duo’s Timbercorp appeal bid

Retired dVT Group co-founder Anton de Vries dVT Group partner Riad Tayeh The High Court of Australia has quietly restarted an unwelcome deadline for dVT Group founders Anton de Vries and Riad Tayeh. By refusing the pair’s application for special leave to appeal against a judgment of the Supreme Court of Victoria’s Court of Appeal in the matter of Timbercorp Finance Pty Ltd, the High…


FEG reminds Probuild VAs of the need for candour

Deloitte partner David Lombe. FEG Active Creditor Recovery Unit Director Henry Carr. Documents filed in the Federal Court last week show that the FEG “Active Creditor” Recovery Unit has not missed the opportunity to remind the voluntary administrators (VAs) of Probuild of the need for candour when applying to courts to extend convening periods and personal liability protections. The Deloitte foursome appointed as VAs of…


Less than one in 10 liquidators female

OPINION Less than 10 per cent of registered liquidators (RegLiqs) are female according to the latest ASIC data, suggesting initiatives aimed at increasing the proportion of female insolvency practitioners seeking and attaining registration are either inefficient or misguided. The Regulator’s latest Insolvency Statistics series, published in January 2022, shows there were 589 male RegLiqs domiciled in Australia and 57 female RegLiqs in the year 2020…


Insolvency Guardian and SM Solvency shut up shop

SM Solvency Accountants’ Jarrod Sierocki. Retired liquidator Brendan Nixon. iNO’s prediction that the retirement of Queensland liquidator Brendan Nixon would make it difficult for businessman Jarrod Sierocki to continue in the insolvency space appears to have come to pass. In recent weeks SM Solvency Accountants and Insolvency Guardian – the two main businesses through which Sierocki dabbled in the business of bankruptcy and wind up…


ASIC’s data handling approach a recipe for error

iNO Opinion Questions of competency and the like have dogged the corporate regulator for some time, though from the perspective of the insolvency profession those questions have been magnified since ASIC imposed a levy on registered liquidators’ earnings that adjusts to cover losses the regulator incurs as a consequence of failed litigation. Just where the limits of such questioning lies remains undetermined but a recent…


Vincents trio in line for appointments bonanza

After seeing the number of appointments being relinquished by Queensland-based liquidator and trustee Brendan Nixon, iNO can but wonder wonder at the depth of cosiness which must exist between SM Solvency Accountants‘ owner Jarrod Sierocki and at least some of the equity parters at Vincents. As revealed by documents lodged by Nixon’s lawyers in the Federal Court, all told the Vincents trio of Nick Combis,…


Sentencing delay helps ex-Liquidator avoid gaol

Ex-liquidator and former Jirsch Sutherland partner Amanda Young. Ex-liquidator and convicted fraud Amanda Young has avoided gaol after a judge yesterday ordered that the 41 year old serve a term of imprisonment totalling 27 months while subject to an intensive corrections order (ICO). At the conclusion of a two and half hour hearing District Court judge Kara Shead said that but for Young’s fragile mental…