Jirsch Sutherland announced this week that Sule Arnautovic will hand over the baton to colleague Brad Morelli after 10 years as national managing partner. In a news alert distributed to Jirsch subscribers on Wednesday afternoon, Jirsch said Morelli would take over from Arnautovic on July 1, 2018. “I’m excited about taking the helm of the firm,” Morelli is reported as saying. “We will also continue to provide…
As the August 1 deadline for PwC’s digestion of PPB Advisory approaches, Insolvency News Online (INO) has learned that Borrelli Walsh is speaking to PPB Advisory partner Mark Robinson as the Hong Kong-based insolvency specialist moves closer to establishing a presence down under. Calls to Robinson were not returned but the intel is good and we understand Borrelli Walsh is also speaking to PPB staff who have…
Costa Nicodemou and Brett Lennane are betting on specialisation to underwrite their new venture, Newpoint Advisory which opened for business in Sydney’s MLC Centre last month. Nicodemou and Lennane were principal and consultant respectively at BRI Ferrier NSW before departing in April this year. Nicodemou told Insolvency News Online (INO) there were no hard feelings in relation to the departure, despite him having worked for and with…
Well the results of ASIC’s published notices website and lodgement project’ have been collated and it appears that the vast majority of Australia’s 700 or so registered liquidators scarcely miss a beat when it comes to compliance. In ASIC works to ensure registered liquidators comply with obligations ASIC said the key finding was that: “Registered liquidators are mostly doing the right thing and lodging forms…
It may well come down to differing definitions of what constitutes a partner but however a firm structures itself, almost a third of PPB Advisory (PPBA) partners will no longer enjoy the cache the term confers once their company is formally absorbed into the professional services collectivate of PwC on August 1, 2018. Sources revealed yesterday that while 30 of PPBA’s 33 partners will be moving to PwC,…
Some of the profession’s most pressing questions will be explored and potential solutions debated at the inaugural Association of Independent Insolvency Practitioners (AIIP) Conference to be held next month in Canberra. Questions around safe harbour; pre-packs; litigation funding, law reform and what the future might have in store will all be canvassed at the Disruption in the Insolvency Industry Conference on June 28 and 29…
The second meeting of creditors of failed Victorian builder Project Group Construction on Wednesday afternoon will go down as being notable for two reasons. This was the first attempt by creditor activist Subbies United (SU) to remove incumbent administrators and replace them with its preferred appointee in Victoria, a tactic SU has employed successfully in Queensland on several occasions. The attempt failed, with incumbents Ivan…
Since Clive Palmer applied on the twelfth of April to remove those pesky special purpose liquidators (SPLs) from Queensland Nickel (QN), a Niagara of documentation has been filed. Applications, affidavits, submissions etc. Against this torrent the SPL’s Steve Parbery and Michael Owen of PPB Advisory have filed a truly voluminous reservoir of rebuttals in their defence. SiN’s been wading through the flood. Palmer is arguing…
Around midday yesterday the majority of the partners of PPB Advisory decided that staying single was a less attractive proposition than an arranged marriage with a professional services behemoth. As a consequence, 28 of the equity holders in the PPB Advisory Unit Trust duly voted to merge with PwC, ending PPBA’s 35 year history as an independent insolvency and restructuring practice. According to a source…
As SiN revealed exclusively last month, a PwC takeover of PPB Advisory (PPBA) is well progressed but the latest mail is that there’s tension aplenty among PPBA’s ranks thanks in part to the very limited number of partnerships on offer. While neither firm would confirm it yesterday, well informed sources advise there are as few as half a dozen partnerships being offered in the deal,…