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VA’s & DoCA’s

Corporates, Fees, INO Jobs, iNO Priority, Litigation, VA's & DoCA's 24 March 2021

Extra indemnity as Grocon DoCA vote looms

KordaMentha’s Andrew Knight. KordaMentha’s Craig Shepard. Ahead of the release of their 1500 page report into the failed Grocon Group, KordaMentha partners Craig Shepard, Andrew Knight and Mark Korda updated their Declaration of Independence, Relevant Relationships and Indemnities (DIRRI) to reflect $100,000 in fresh indemnities received. The administrators, who have recommended creditors vote in favour of a deed of company arrangement (DoCA) being proposed by…

ATO, Liquidations, Liquidators, Litigation, VA's & DoCA's, Voidable Transactions 17 March 2021

Liquidators recover $2m plus costs from ATO

Hall Chadwick’s Richard Albarran. Richard Albarran and David Ross have had quite a win in the NSW Supreme Court, with a judge ruling $2 million paid to the Commissioner of Taxation (ATO) by Western Port Holdings (WPH) whilst it was subject to a deed of company arrangement (DoCA) should be handed back. But will the decision prevail if an appeal is heard? The court’s ruling,…

Creditors, Litigation, VA's & DoCA's 10 March 2021

Deed administrators facing ousting from SBL Solutions

Aston Chace’s Vincent Pirina. Aston Chace principal Steve Naidenov. A pair of dissatisfied creditors of SBL Solutions, aggrieved that related party votes helped push through a deed of company arrangement (DoCA), have commenced legal action to have the oft-amended DoCA set aside, the company wound up and Macquarie Gordon’s Gus Gordon replace deed administrators Vincent Pirina and Steve Naidenov as liquidator. As is often the…

referrer

Conflict, Creditors, Directors, DIRRIs, Fees, Liquidations, Liquidators, Referrers, VA's & DoCA's 17 February 2021

RL’s links with referrer upset ICON directors

O’Brien Palmer’s Chris Palmer. There’s nothing like being in business with your referrer to get an appointee offside with someone and at least some of those connected to ICON Construction (NSW) Pty Ltd (ICON) were recently in a flap about Chris Palmer. Following the granting of consent orders in the NSW Supreme Court the O’Brien Palmer principal and colleague Liam Bailey replaced ICON administrator Ben…

Creditors, VA's & DoCA's 12 February 2021

All grimaces after Worrells missed Smiles Inclusive

Deloitte’s Luci Palaghia. Deloitte’s Tim Heenan. A $4 million indemnity is not the kind of parachute one likes to see handed to a rival but in the contest for the ASX-listed Smiles Inclusive VA appointment late last year, it was almost certainly secured creditor NAB that decided who got the velvet rip cord. The thought occurred as iNO read various materials associated with Smiles Inclusive,…

Corporates, Creditors, Lawyers, Proof of debt, Social/Professional, VA's & DoCA's 3 February 2021

VA Verney falls on sword at 11th hour

11th hour sword fall – Greyhouse Partners’ Ben Verney. Sydney based insolvency practitioners Chris Palmer and Liam Bailey supplanted Melbourne counterpart Ben Verney late last year after court orders were agreed less than a day before Verney and the creditors wanting him gone were due to put their conflicting arguments before NSW Supreme Court Corporations judge Ashley Black. On Monday December 28, short minutes of…

Directors, Lawyers, Liquidators, Litigation, Proof of debt, VA's & DoCA's 22 December 2020

Proof of debt decisions could cost Victorian a VA

Greyhouse Partners’ Ben Verney. O’Brien Palmer’s Chris Palmer. Victorian practitioner Ben Verney is clinging tenaciously to the administration of Icon Constructions (NSW) Pty Ltd but decisions he made in respect of proofs of debt at the first meeting could see him stripped of the appointment before the year is ended. Lawyers for Owners Corporations (OCs), developers and unit owners claiming for building defects – this…

Deals & Departures, DIRRIs, From the Gossisphere, VA's & DoCA's 22 December 2020

Insiders insist: no crossed swords

Departing Deloitte partner Vaughan Strawbridge. Deloitte Queensland managing partner John Greig. Insiders close to the Virgin administration have rejected elements of speculation around Deloitte partner Vaughan Strawbridge‘s decision to defect to FTI which iNO reported recently. No swords were crossed by the administrators in the engineering of Virgin’s DoCA was the word from well placed sources, who dismissed rumours Strawbridge and Deloitte Queensland managing partner…

ATO, Costs, Creditors, Directors, Judgment, Liquidations, Liquidators, VA's & DoCA's, Voidable Transactions 4 December 2020

Liquidator foiled after payment ruled not void

O’Brien Palmer’s Chris Palmer. There are times when one is compelled to ask what motivates a liquidator to pursue an 11th hour payment to a creditor when the sought after sum, once costs are deducted, amounts to sixth fifths of bugger all? For iNO such a time came on Tuesday as we read the judgement of Justice Fabian Gleeson In the matter of Skypac Aviation…

Corporates, VA's & DoCA's 27 November 2020

KordaMentha wins Grocon gig

KordaMentha’s Andrew Knight. As flagged by iNO this week, insolvency practitioners from KordaMentha have been appointed voluntary administrators of multiple entities within the Grocon building and construction group. In a statement this morning KordaMentha said Andrew Knight, Craig Shepard and Mark Korda of KordaMentha Restructuring were today appointed administrators to 39 Grocon Group companies. Knight said the administrators were not appointed to the companies associated…