KPMG’s Martin Jones. KPMG’s Andrew Smith. There’s an intriguing stoush simmering away in Fortress West Australia where the corporate regulator has urgently intervened in an application by two KPMG restructuring partners in respect of remuneration. The fun began on February 1, 2019 when then Ferrier Hodgson Perth partner and liquidator Martin Jones filed an originating process and supporting documentation with the West Australian Supreme Court. …
Cor Cordis’s Jeremy Nipps. Cor Cordis’sBarry Wight. The God awful mess that is the I-Prosperity collapse seems certain to test the patience, skill and resources of the nine practitioners currently appointed across the group’s many entities, but we think the Cor Cordis threesome of Jeremy Nipps, Barry Wight and Alan Walker will have the toughest time of it. iNO says this because according to the…
Worrels Partner Simon Cathro. Hell hath no fury like a debtor who sees their assets sold at what they believe is significant undervalue – just ask Worrells partner Simon Cathro who is seeking to have dismissed an application for an inquiry into his conduct as receiver of International Business Corporation (IBC). IBC’s secured lender FC Securities appointed Cathro receiver of IBC and some related entities…
Romanis Cant’s Tony Cant. KPMG partner Robyn Duggan. If the dearth of appointments presently bedevilling liquidators required any illustration then an account of the competition for appointments to the Pages Events Group and how it ended in ProvLiqs is in order. Last Friday the NSW Supreme court made orders installing KPMG’s Robyn Duggan and Peter Gothard as provisional liquidators (ProvLiqs) of Pages Equipment Holdings Pty…
The AFP arrests this week in respect of yet another Plutus Payroll-style tax evasion scheme prompted iNO to consider, not for the first time, what aspects if any of these recurring scams are facilitated by complicit insolvency practitioners, a negligent regulator or a combination of both. Looking at the names of those arrested, it wasn’t long before our investigations led us instead to a particular…
KPMG’s Peter Gothard. KPMG’s Robyn Duggan. The shareholders of the Pages events group may have been throttling each other through the courts for four strangulated years but as far as iNO is concerned things became interesting only this month. In less than three weeks an entity in the group has had administrators appointed, administrators replaced and if the Gods of case law so will it,…
Hamilton Murphy’s Stephen Dixon. Worrells’ Ivan Glavas. The likelihood that Hamilton Murphy’s Steve Dixon and Worrells’ Ivan Glavas could come in for some unwelcome attention has edged a little closer to reality following the latest decision of Justice Kevin Lyons of the Supreme Court of Victoria in the unfolding saga that is El-Saafin & Anor v Franek & Ors (No 4) [2020] VSC 389. Dixon…
Cor Cordis’s Jeremy Nipps. It’s not every day liquidators have reason to apply to terminate the winding up orders that saw them installed but just such a scenario is revealed in the matter of C.A.R.E. Employment & Training Services Pty Ltd, in the matter of C.A.R.E. Employment & Training Services Pty Ltd (No 2) [2020] FCA 1006. Cor Cordis duo Jeremy Nipps and Barry Wight…
Balance Insolvency principal Tim Cook. Criticisms of a 439A report produced by Balance Insolvency’s Tim Cook have been revealed in a judgment delivered this morning by Justice Ashley Black in the NSW Supreme Court. Cook’s report was issued on April 9, 2019 following his appointment as voluntary administrator (VA) of Citadel Financial Corporation. Citadel sought Cook’s consent to act after it lost a case in…
Worrells’ Dominic Cantone. Worrells’ Nick Cooper. Worrells’ duo Dominic Cantone and Nick Cooper could shortly be calling their professional indemnity insurer after a Federal Court judge on Monday proposed making orders requiring them to pay costs minus the usual right of indemnification. In Adelaide Brighton Cement Limited, in the matter of Concrete Supply Pty Ltd v Concrete Supply Pty Ltd (Subject to Deed of Company…