The transcripts of the latest session of the Senate inquiry into Lending to Primary Production Customers contain some illuminating insights into perceptions of the insolvency profession. Put simply, a few unfortunate examples of a less than ideal outcome – say a rural property being sold by receivers at a price unlikely to pop corks – seem to have been taken by the Senate Committee as…
SiN hears Nick Combis and his former colleague at Vincents Peter Dinoris might be on the verge of a settlement with Bendigo and Adelaide Bank, which has been pressing for a judicial inquiry into their conduct as Trustees of the personal insolvency agreements (PIA) proffered by Bartercard co-founder and multi-millionaire Brian Hall. The Trustees’ statement of contentions shows that irrespective of what the bank thinks of how they…
While Bartercard co-founder and millionaire Brian Hall has seemingly extracted himself from a stoush with Bendigo Adelaide Bank, that has only intensified the pressure on Vincent’s Nick Combis and his former colleague Peter Dinoris, who now runs his own outfit, Artemis Insolvency out of offices in Edward Street, Brisbane. The pair were the trustees of a $350,000 personal insolvency agreement (PIA) Hall had entered into in…
Well litigation funder Doug Hayter has extracted himself from the debacle that is Young V Thomson (formerly trustee of the property of Young) [2017] FCAFC 140 but the same cannot quite be said for Veritas Advisory’s Louise Thomson, who will be forced to scrape together as much as a quarter of a million dollars from her own resources following last week’s judgment of the Federal Court…
Ex-bankrupt Robert Coshott and his wife Ljiljana Coshott have failed in their attempts to challenge fees and remuneration payable to Nick Crouch and Shabnam Amirbeaggi, who were appointed trustees for the sale of a Bellevue Hill property held jointly by Mrs Coshott and her husband’s former trustee in bankruptcy, Max Prentice. Rubbing salt into the failure, the three judges of the Federal Court of Appeal ordered that…
After more than 30 years in corporate insolvency and bankruptcy, Jirsch Sutherland founder Roderick Mackay Sutherland looks to be calling it quits. If three decades of accumulated nous aren’t going to buy you an exemption from the obligation to complete 40 hours a year of continuous professional education, then you may as well cash in. Having already relinquished his liquidator’s registration in early 2016, orders made in the Federal…
In the wake of last week’s arrest of 10 people allegedly involved in the $165 million Plutus Payroll pay-as-you-go (PAYG) scam, at least one of those who may have unwittingly assisted the accused has sought the protection of personal insolvency. Alexander Nappa, 22, of Beverly Hills is alleged by police to be a straw director of PP Aus Holdings. The company was identified as being…
The latest judgment trundled out of the courts in response to the lengthy trench warfare between bankruptcy trustee Max Prentice and Coshott family company Fewin Pty Ltd has found that a bankruptcy notice served on the BPS Recovery partner was an abuse of process. In handing down his judgment last week Justice Robert Bromwich of the Federal Court found that Fewin served the notice – relating…
With the protagonists saying either not much or nothing at all, SiN will have to wait a little longer to reveal the entirety of the story as it relates to number 14 Prince Alfred Parade, Pittwater, former home of 1980s Chase AMP asset finance guru Mitchell Walter Mazoudier, a surname longtime AMP watchers would be familiar with given the demutualised insurer’s mammoth fall from grace took…
Well this is different. FEG missing out on a slice of pie. It happened after receivers applied for a ruling to determine whether funds generated from a trading trust should be carved up for creditors. In the decision of Amerind Pty Ltd (receivers and managers apptd) (in liq) [2017] VSC 127 (23 March 2017), handed down in the Supreme Court of Victoria last Thursday, the…