Rodgers Reidy director Geoff Reidy. The plaintiff directors of Zamora Homes have dropped their bid to appoint a special purpose liquidator (SPL) to the company and may consider themselves fortunate to have escaped orders that they pay indemnity costs to Geoff Reidy, the incumbent they sought to supplant. At the beginning of a hearing in the NSW Supreme Court yesterday, Justice Ashley Black heard that…
BRI Ferrier’s Andrew Cummins. PKFs’ Trent Hancock. You have to admire the nerve of a director who demands a special purpose liquidator (SPL) stump up $150,000 in security for costs ahead of proceedings brought by the SPL against the director for allegedly stripping his company of assets before executing a phoenix. Such nerve however is on display In the matter of 77738930144 Pty Limited (in…
Jirsch Sutherland managing partner Bradd Morelli. Image: Linked In. Bradd Morelli and Trent Devine may be facing a fight to maintain control of the potentially lucrative liquidation of FW Projects Pty Ltd after a creditor commenced action in the NSW Supreme court that could lead to the Jirsch Sutherland partners being either replaced or sidelined by an SPL (Special Purpose Liquidator). The court heard yesterday…
KordaMentha’s Robert Hutson KordaMentha’s Scott Langdon There might be more than a degree of strategising behind the appointment of KordaMentha’s Scott Langdon and Robert Hutson as special purpose administrators (SPAs) of Northern Energy Corporation (NEC) and Colton Coal (CC). Both companies are subsidiaries of ASX-listed New Hope Corporation and details of the appointment and the circumstances leading up to it are contained in the recent…
PwC’s Daniel Walley. It’s not often that special purpose liquidators (SPLs) are appointed on the application of general purpose liquidators (GPLs). Usually a creditor with a beef about conflict is the one doing the applying, and it’s pretty rare for liquidators to surrender fees to anyone, even if they’re not a direct rival. But when a potential claim involves pursuing a government, and that government…
More detail has emerged about the possible phoenix transaction that has embroiled FTI Consulting’s Joanne Dunn in an unseemly scrap with the Commonwealth’s FEG Recovery Unit. In Commonwealth of Australia, in the matter of ACN 093 117 232 Pty Ltd (in liquidation) v ACN 093 117 232 Pty Ltd (in liquidation) [2018] FCA 1922 Federal Court Justice Roger Derrington has granted FEG orders for the appointment of a special…
The most recent Minutes of the meeting of the Queensland Nickel Committee of Inspection (COI) reveal that luring PPB Advisory co-founder Steve Parbery down to Barangaroo has already begun to paying dividends for Ferrier Hodgson. Since Michael Owen resigned as special purpose liquidator (SPL) of Queensland Nickel ahead of moving to PwC as part of the now concluded takeover (first revealed by INO in March…
Hard on the heels of ex-Treasurer Peter Costello’s savaging of the corporate regulator comes INO’s own ASIC-induced fulmination, ignited by an erroneous response to a straight forward question about the proposed Reviewing Liquidators Panel (RLP). As many INO readers will know, on Tuesday this week Thea Eszenyi from ASIC’s Insolvency Practitioners Stakeholder Team sent an email to registered liquidators advising that ASIC was establishing a Reviewing Liquidator Panel (RLP),…
Insolvency practitioners (IPs) have long known that to make it as a corporate resurrectionist you need a hide like rhinocerous whose mother was an elephant from a family of pachyderms predisposed to exceptionally robust skin thicknesses. An impressive epidermis however wouldn’t be the only reason Ferrier Hodgson’s new star recruit Steve Parbery hasn’t joined his FTI Consulting counterparts in suing one Clive Frederick Palmer for defamation. Parbery…
dVT Group’s Seulen McCallum and Riad Tayeh will likely soon receive communications from Giles Woodgate after the NSW Supreme Court of Justice Fabian Gleeson last week approved Woodgate’s appointment as special purpose liquidator (SPL) of Hemisphere Technologies Pty Ltd (HT). McCallum and Tayeh were appointed liquidators of Hemisphere – which changed its name to ACN 152 546 453 Pty Ltd on December 23, 2016 – in January 2017. Their…