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…
Chifley Advisory’s Gavin Moss Chifley Advisory’s Gavin Moss is grappling with a bout of FOBBO (Fear of being booted out) after his appointor commenced proceedings to have him removed. Moss and former Chifley colleague Henry Kwok (now at Pathway Insolvency and Advisory) were appointed voluntary administrators (VAs) of FOGO Brazilia Franchise Holdings (FBFH) in early 2018 by director and Rebel Sports co-founder Ian Dresner. The…
Morton + Lee Insolvency’s Leon Lee. Hall Chadwick’s Ginette Muller. The knives were out from the start when Queensland liquidator Leon Lee accepted the appointment as voluntary administrator (VA) of Bulkbuild Pty Ltd but after the deed was done, the steel sheathed and the stains erased, some of his despatchers were possessed of a benevolent magnanimity. “They said he’s not a bad guy,” a source…
Cor Cordis Melbourne partner Bruno Secatore. Cor Cordis Brisbane partner Matt Joiner. Rebellion is all the rage at the moment, and not just on the streets. Creditors hellbent on blame seem more inclined to assert their rights in the current atmosphere of tumult and doubt, including the right to try and dislodge incumbent appointees, as a pair of Cor Cordis partners found this week. Matt…
Morton + Lee Insolvency’s Leon Lee. Voluntary administrator Leon Lee has denied adjourning a meeting of creditors of Bulkbuild Pty Ltd last week to prevent a vote to replace him. On Thursday Lee presided over the first meeting of creditors of Bulkbuild, to which he was appointed by sole director Digen Yi Hur on May 18. Accounts of what transpired before the meeting was adjourned…
Emu Group liquidator Andre Lakomy. Cor Cordis partner Alan Walker. When you and your colleague are appointed voluntary administrators (VA) and neglect to send the first circular to the company’s potentially largest creditor, regrettable consequences can follow. For Cor Cordis duo Andre Lakomy and Alan Walker, those consequences have yet to manifest, though it may only be a matter of time before they are ousted…
Pitcher Partners’ Gess Rambaldi. Pitcher Partners’ Andrew Yeo. Pitchers Partners’ Andrew Yeo and Gess Rambaldi have extricated an unlikely victory over the Deputy Comissioner of Taxation (DCoT) in respect of payments made by a company subject to a deed of company arrangement (DoCA). As is revealed in Yeo, in the matter of Ready Kit Cabinets Pty Ltd (in liq) v Deputy Commissioner of Taxation [2020]…
Cor Cordis partner Alan Walker. Hall Chadwick’s Richard Albarran. From iNO’s perspective, one of the fundamental flaws in the deed of company arrangement (DoCAs) concept is that control of the company returns to the same person or persons who ran the company into the ground in the first place. Por que? In the matter of Antqip Hire Pty Limited (subject to deed of company arrangement)…
Hall Chadwick’s Ginette Muller. Grant Thornton’s Mike McCann. iNO hears costs north of $50,000 are likely to be ordered against Hall Chadwick’s Ginette Muller and Marcus Watters after they took a tilt in the Supreme court of Queensland at Grant Thornton’s Mike McCann and Said Jahani over a rejected proof of debt. Back in 2018 the Hall Chadwick pair, as liquidators of Rimfire Constructions Pty…
Deloitte’s Sal Algeri. Images published this week of Virgin planes barricaded behind vehicles at Perth Airport are a reminder that the arrival of insolvency practitioners at the table doesn’t mean every player will surrender their chips. As iNO has been learning, huge, hard-to-house shaped planes are a pain to possess. When it comes to ransoming aviation assets, the jet engines routinely removed for maintenance and…