Worrells’ Ivan Glavas. Worrells’ Ivan Glavas had some luck this week when a judge agreed to adjourn the hearing of an application to wind up Stone Solutions Sydney Pty Ltd (SSSPL). Glavas was appointed administrator of SSSPL January 9, 2026 after petitioning creditor the Workers Compensation Nominal Insurer (WCNI) commenced winding up proceedings in the NSW Supreme Court in September last year. No such luck…
HM Advisory partner Stephen Dixon. iNO published its final newsletter for calendar 2025 on December 12, turning our attention thereafter to the divine labours of holiday making. As it transpires that was foolish because fate’s a bitch and the seeds of two stories well within iNO’s wheelhouse were sewn shortly afterwards, meaning the initial weeks of our annual Summer break were spent privately fuming about…
HM Advisory partner Stephen Dixon. Hamilton Murphy principal Steve Dixon has ended the year on a spectacular note, featuring in a judgment which raises doubts about his independence and concludes that neither Dixon or anyone from Hamilton Murphy should act as liquidator of any of the entities within the Eratos Group. “The circumstances in which the administrator’s firm, HM Advisory, lent more than $500,000 to…
Vincents’ Henry McKenna. A beauty parade is on the cards after solvency-challenged steel bro Sanjeev Gupta placed Liberty Primary Metals Australia (LPMA) into administration one day before an application to have the company wound up was due to be heard. “It was our view that the creditors of the Company should decide the future of the Company. This was not a view shared by the…
FTI Consulting’s Kate Warwick. As a journalist iNO despises coincidence. As the hint of a link between events emerges the chessboard of possibilities is upended by chance’s malicious hand. No conspiracy. Not even stupidity. Nothing to see and no yarn to propound. Which brings us to recent developments in the administration of Wiluna Mining Corporation Limited (WMCL). As we reported on October 17, WMCL’s former…
FTI Consulting’s Kate Warwick. No quarterly cash sweep means no happy beneficiaries of the Wiluna Mining Company Limited (WMCL) creditors’ trust and there’s no beneficiary less happy than ex-WMCL chairman Milan Jerkovic. “Mr Ryan, Ms Warwick, Mr Francis, and Mr Woodhouse both in their capacities as deed administrators and trustees despite requests being made have failed to provide information about, amongst other things, the way…
Hall Chadwick’s Richard Albarran. Auxilium Partners’ Bob Jacobs. With the credibility of private credit adhered precariously to the rim of the toilet one must question the wisdom of litigating to challenge securities and remove receivers, at least in the form that lender Blackbird Capital First Mortgage Pty Ltd (BFMC) has unsuccessfully attempted. BFMC, which recently changed its name to Blackbird Mortgage Corporation (BMC) faces the…
McGrathNicol partner Damien Pasfield. McGrathNicol executive chairman Jason Preston. It’s difficult to think of the placing of Grays.com into voluntary administration (VA) as anything but a pre-planned step by the online auction house’s new owners to swallow as painlessly as possible Grays’ scarcely digestible debt load. Having concluded the purchase of the business and secured debt from private equity outfit Quadrant for a reportedly “nominal”…
Hamilton Murphy director Cameron Gray. The acrimony that led to closure of Kent Street’s most famous eatery continues with the bringing of an application in the NSW Supreme Court to terminate Tetsuya Wakuda’s Deed of Company Arrangement (DoCA). Back in March the wasabi sensei persuaded creditors of his company T Pty. Ltd. to accept 18.5 cents in the dollar on their debts in preference to…
Vanguard Insolvency’s Mohammad Najjar. Sometimes attempts to terminate a DoCA appear as an exercise in futility, if not outright madness. Other times not so much. “The effect of the DOCA is oppressive, prejudicial and contrary to creditor interests within s 445D(1)(f). If the DOCA were permitted to continue to completion, the various avenues of exploration for recovery from the former directors of the Company would…