Social/Professional

Court wallops liquidators over $5.8 million in fees

Fees excessive – Liquidator John Sheahan. Remuneration is a topic never far from the frontal lobe of INO’s audience and thanks to liquidators John Sheahan and Ian Lock and Federal Court judge Tony Besanko, 2019 has started with a decision guaranteed to get synapses firing. On Monday Justice Besanko delivered his judgment in Lock, in the matter of Cedenco JV Australia Pty Ltd (in liq) (No…


2nd Quarter stats reveal top three contenders

There’s a plenty of detail in Grow Advisors’ latest insolvency analytics about who’s leading, who holding their place and who’s lost ground in the 2nd Quarter of the 2018/19 financial year. The analysis – compiled using publicly available data on external administrations (EXADS) – shows that nationally Worrells remains the front runner after locking in a total of 157 appointments between October 1, 2018 and…


Suspended liquidator consents to passport surrender

Amanda Young. ASIC is taking no chances that Amanda Young might inadvertently succumb to a bout of her oft-professed wanderlust, obtaining orders requiring the ex-Jirsch Sutherland partner to surrender her passport. As revealed in In the matter of Amanda Young [2018] NSWSC 2012 the corporate regulator has only just commenced an investigation into the alleged misappropriation by Young of almost $240,000. INO broke the news on…


Ferrier Hodgson merger with KPMG imminent

Ferrier Hodgson’s Peter Gothard. Australia’s top tier of independent insolvency firms – already a sparsely populated space – looks set to lose another member with well placed sources confirming that Ferrier Hodgson is close to agreeing merger terms with KPMG. One source told INO yesterday that the merger looked certain to proceed and would likely be consummated in the next few months. Another said Ferrier…


AFSA judging trustees’ referrers for worthiness

Has any insolvency practitioner ever said: there’s never been a better time to be a gatekeeper of the financial system? If so, they are probably long since retired. In this day and age, regulators are at risk of turning the gatekeepers into turnkeys, if not inmates. For the source of our cynicism, we refer to the contents of a letter, dredged from the toxic silts…


Suspended liquidator takes Jirsch to Fair Work

Amanda Young. Suspended liquidator Amanda Young-Arnautovic has lodged a claim against Jirsch Sutherland in the Fair Work Commission (FWC) after the insolvency firm terminated her employment before Christmas amid allegations of fraud. Insolvency News Online (INO) has learned that Young-Arnautovic is making the  claim under the Fair Work Act’s general protections provision which relate to workplace rights, broadly described as employment entitlements and the freedom to exercise and enforce those…


INO 2018 – The Year in Review

So here we are find ourselves on the cusp of another year, the old orb having proved again it can reliably revolve 365 consecutive times without a wobble. INO wishes its readers a Merry Christmas and a Happy New Year and may you all return refreshed and fighting fit in 2019. What follows is our somewhat hurried summary of the year that was. February From…


Jirsch partner suspended amid fraud investigation

Jirsch Sutherland partner Amanda Young has been suspended as authorities investigate an alleged fraud. In a statement to Insolvency News Online yesterday Jirsch Sutherland managing partner Bradd Morelli confirmed an employee had been stood down and an external investigation was underway. “Jirsch Sutherland has identified a case of possible fraud by an individual employee and has taken immediate action to investigate and report the matter,” Morelli said….


VAs acquiesce to fee cut after liquidator objects

Cor Cordis partners Ozem Kassem and Jason Tang have had the fees they generated as administrators of Attack Engineering Pty Ltd lopped following objections by Steve Nicols, who replaced them when the company was wound up. Kassem and Tang were appointed administrators of the Coffs Harbour-based firm on August 29, 2017 after receiving a referral from Shine Lawyers’ James Hulbert. That appointment followed winding up proceedings initiated by the Australian…


HLB Mann Judd miss second chance to bulk up in QLD

Barry Taylor’s plans to lure a Queensland-based registered liquidator into the HLB Man Judd fold have again been foiled after John Shanahan of Gervase Consulting decided not to proceed with a joint venture the two parties have apparently been mulling over for some time. Sources said the parties had been close to a deal but that Shanahan decided the fit wasn’t quite right and he was…