Grahame Ward. Image Mackay Goodwin. Domenic Calabretta. Image: Mackay Goodwin. Grahame Ward recently threw down the gauntlet to ASIC’s AI-backed monitoring regime when he lodged no less than three declarations of independence, relevant relationships and indemnities (DIRRIs) for the same company in less than three weeks. The defining characteristic of this effusion of filings was that each DIRRI identified a different referrer in respect of…
Wexted Advisors partner Andrew McCabe. Wexted Advisors founder and principal Joe Hayes. Wexted Advisors’ Andrew McCabe knew he was in a difficult position back in January when he came to chair the second meeting of creditors of the Comlek Group. As the largest single creditor with a claim in excess of $9 million the Queensland Revenue Office (QRO) had already made it clear to McCabe…
KordaMentha partner John Mouawad. A recent judgment of the Supreme Court of Victoria demonstrates the unique challenges faced by administrators of digital trading platforms and how those challenges can contribute to the cost of the administration, especially when crypto currency is the asset traded. “The administration of the Companies is further complicated by the parallel bankruptcy proceedings that are being conducted in the United States….
dVT Group co-founder Riad Tayeh It’s never helpful when a government official casts aspersions upon insolvency practitioners two days out from a first meeting of creditors of a controversy-plagued firm whose founder has fled the jurisdiction. That however is the scenario facing dVT Group’s Suelen McCallum and Antony Resnick as they prepare for the first meeting of creditors of controversial construction firm Toplace Pty Ltd…
Hogan Sprowles partner Michael Hogan. They may have recommended a dog of DoCA and been punted as a consequence but two Sydney practitioners are lucky they don’t have more wounds to lick. On Monday, NSW Supreme Court judge Ashley Black made costs orders in respect of Minle Wine Negociants of Australia Pty Ltd (Minle) after last week terminating a deed of company arrangement (DoCA) and…
Hogan Sprowles partner Michael Hogan. A decision from the NSW Supreme Court this week shines an unforgiving light on the handling of an administration by two Sydney practitioners who’ve been ousted after a creditor applied to have a deed of company arrangement (DoCA) terminated. “… unusually, in my experience, Mr Hogan indicated in evidence that the Administrators would now not seek to recover remuneration beyond…
Mackay Goodwin principal Domenic Calabretta. Mackay Goodwin director Edwin Narayan. Two Sydney practitioners who tried to stall a winding up so they could put a DoCA proposal to creditors have lost the application and the gig after a court refused to adjourn the hearing and sided with the petitioning creditor’s preferred nominee as liquidator. The bid for an adjournment in the matter of The Deputy…
Deloitte’s Sal Algeri. The dull ache caused by the commencement of DoCA amendment proceedings in the Supreme Court of Queensland is threatening to become a thumping migraine for Deloitte partner David Orr and his fellow Probuild deed administrators (DA). This week Probuild creditors received an update from Orr’s colleague and co-DA Sal Algeri advising that in the wake of their June 1 circular revealing that…
Deloitte partner Matthew Donnelly. Barely a week after warning Probuild creditors that legal proceedings will delay payment of any dividend, the four appointees of the DoCAlypse have again ridden forth bearing tidings of woe. “I tentatively suggest a return of not more than 10c in the dollar might be paid before the end of 2025. I emphasise this is a crude estimate only and the…
BDO partner Shaun McKinnon. Thomson Geer partner Scott Guthrie. Getting a straight answer about DoCA funding can be tougher than shelling an uncooked prawn, as lawyer Scott Guthrie can attest. When the Thomson Geer partner appeared at the second meeting of creditors of stalled aquaculture play Project Sea Dragon Pty Ltd (PSDPL) Guthrie had one overriding concern – if the company was returned to the…