Former bankruptcy trustee Paul Leroy. Domenic Calabretta. Image: Mackay Goodwin. If this isn’t victim blaming we don’t know what is. The Australian Financial Security Authority (AFSA) has commenced proceedings in the Federal Court seeking, amongst various forms of relief, orders requiring Mackay Goodwin to pay for monies purloined by fugitive ex-trustee and former employee Paul Leroy, who must qualify as the firm’s most disastrous ever…
Merchants Advisory founder Louisa Sijabat. One of the duties of a trustee is ensuring effective communication with stakeholders and iNO has not seen a more effective means of inviting questions about whether that duty’s been fulfilled than by muzzling a bankrupt with an AVO. During a hearing in the Federal Court yesterday it came to light that the trustee in question, Louisa Sijabat of Merchants…
Former bankruptcy trustee Paul Leroy. SV Partners’ Fabian Micheletto. It’s been almost two years since fugitive former bankruptcy trustee Paul Leroy fled the jurisdiction, having first transferred millions offshore that should have been distributed to the Health Services Union (HSU) in its capacity as the largest creditor of the two bankrupt estates of former HSU national secretary Katherine Jackson. Leroy has never returned to Australia…
Pitcher Partners’ Andrew Yeo. Beleaguered deal maker Jon Adgemis‘ fall is so complete he can’t even bankrupt himself. This morning the Federal Court ordered that the debtor’s petition Adgemis filed with the Official Receiver in a blaze of righteous publicity yesterday be rejected. On Thursday Adgemis told the world he was prepared to take responsibility for the $1.8 billion failure of his Public Hospitality Group…
WLP Restructuring partner Ben Ho. A Federal Court judge showed Jon Adgemis’ controlling trustees a kindness this week, releasing them from an obligation to deliver a further supplementary report to creditors by this Thursday on the ground that Adgemis could be bankrupt by Friday. And Scott Pascoe and Ben Ho were certainly due a little kindness. Since being appointed on June 20 this year the…
Pitcher Partners’ Andrew Yeo. Pitcher Partners’ Gess Rambaldi. If the Federal Court sequesters the estate of Jon Angelo George Adgemis later this month a tax office favourite will be installed as the debt-gorged high flier’s bankruptcy trustee. After the ATO intervened last week in proceedings brought by Adgemis creditor Richard Gazal – allegedly owed $26 million – a consent to act as trustee was filed…
WLP Restructuring’s Scott Pascoe. There is no shortage of opinions spiralling in the gyre of Jon Adgemis’s proposed debt compromise. Not all creditors are what they seem. Adgemis will cut a deal. The ATO will blink. “It is incumbent on the Trustees to ensure they have adequate remuneration to conduct these detailed investigations and carry out their required duties thoroughly before accepting the role of…
WLP Restructuring’s Scott Pascoe. WLP Restructuring partner Ben Ho. WLP Restructuring’s Scott Pascoe and Ben Ho are expected to adjourn this morning’s meeting of creditors of besieged pub czar Jon Adgemis for at least a month after being issued with a Direction to do so by the Inspector General in Bankruptcy (IGB). “Despite the Inspector-General confirming the need for further investigation and additional information for…
Jones Partners’ Michael Jones. It must’ve looked straightforward on the face of it. A bankrupt transferring a 40 per cent interest in a block of land to his Dad for $1.00 within five years of declaring himself bankrupt? What trustee wouldn’t have a good hard look? “The question the Trustee asked and sought to answer was whether Matthew’s outgoings exceeded his ingoings; but the fact…
Domenic Calabretta. Image: Mackay Goodwin. If ever Mackay Goodwin founder Domenic Calabretta is asked if there is one employment decision he regrets more than any other, iNO would be surprised if he doesn’t reply: “Paul #$%!! Leroy“. Leroy, as iNO readers will recall, was employed by Mackay Goodwin about five months before fleeing the jurisdiction late in 2023, allegedly with a large sum purloined from…