FTI Consulting’s John Park. FTI Consulting’s Kelly Trenfield. It’s been almost a week since media reports emerged declaring that builder Grocon had “put” its troubled construction division into administration, or that directors had “called in administrators”. As of this morning however no formal insolvency appointment has been made, either as voluntary administrator (VA) or receiver. There’s little doubt a restructure if not a formal appointment…
FTI Consulting’s Joanne Dunn. FTI Consulting’s John Park. It might not deliver the impact of a best seller like The Bourne Identity but around FTI Consulting QLD’s Central Plaza HQ at least we reckon The Busby Affidavit is quite the page turner. Contained within this innocuously monikered document lies nothing less than a bid by the Deputy Commissioner of Taxation’s (DCoT) to relieve FTI’s Joanne…
BRI Ferrier’s Geoff Grainger. BRI Ferrier’s Brian Silvia. Anything involving China and Australia is hot right now and in insolvency iNO has identified just such an example, with employee creditors of Brilliant Lifts Australia Pty Ltd (BLA) voting this morning on rival DoCA’s from Chinese and Australian propounders. Chairing the meetings will be BRI Ferrier’s Geoff Grainger, who along with Brian Silvia was appointed voluntary…
Sivaa Consulting’s latest number crunching exercise landed on iNO’s desk this week and its focus on FY 2020 VA to DoCA conversion rates is well timed. The insolvency profession is breathlessly awaiting details in respect of the brave new restructuring regime being proposed by the Federal Government. It’s a regime which is itself a response to the economic value destruction wrought by governments state and…
Hall Chadwick’s Steve Gladman. Hall Chadwick’s Richard Albarran. Hall Chadwick partners Steve Gladman, Richard Albarran and David Ross have lodged no shortage of DIRRIs these past seven months in a bid to clarify the extent of their involvement with Pacific Biotechnologies Ltd (PacBiotech). Given that that involvement extends from an engagement as investigating accountants in February to acting as fully funded deed administrators presently, five…
PwC’s Daniel Walley. PwC’s Chris Hill. The contest over whose security interest prevails in respect of assets linked to failed fintech Sargon Capital is heating up as receivers for the respective security holders continue to battle it out in the Federal and Supreme Courts. On Monday counsel for Jason Preston and Shaun Fraser were back in the Supreme Court to continue their stoush over access…
KordaMentha’s Scott Langdon. KordaMentha’s Rahul Goyal. KordaMentha’s Rahul Goyal and Scott Langdon may be forced to defend elements of their handling of the Seafolly administration and possibly delay paying a first dividend after five Chinese corporate creditors of the COVID-crippled swimwear outfit yesterday applied for an injunction in the NSW Supreme Court. Lawyers representing the Seafolly Five appeared before Justice Ashley Black ex-parte seeking to…
BPS Reconstruction & Recovery partner Simon Nelson. South-of-the-wall IP Simon Nelson has copped a finding of misconduct from a judge of the Victorian Supreme Court but has retained his position as receiver of Tomi-Sasha Holdings Pty Ltd, the former corporate trustee of the National Property Trust controlled by wealthy Melburnians Eileen and Wayne Crewes. In Re Tomi-Sasha Holdings Pty Ltd (rec and mgr apptd)(adm apptd)…
McGrathNicol’s Shaun Fraser. The receivers of various Sargon Group entities and their appointors are allegedly “embroiled” in two disputes in the Federal Court”, a court heard this week. The claim was made on Monday in the NSW Supreme Court by lawyers for one set of receivers – PwC’s Chris Hill and Dan Walley – in their capacity as receivers of SC Australian Holdings 1 Pty…
Emu Group liquidator Andre Lakomy. Cor Cordis’s Alan Walker. iNO generally concurs with the approach that when one stumbles at the start it’s best to decry humility in favour of a bold lunge, one aimed at re-establishing primacy in the administration of an entity’s affairs. Unfortunately for the applicant liquidators in In the matter of Emu Group Pty Ltd (in liq) (No 2) [2020] NSWSC…