Accepting an appointment as a voluntary administrator (VA) the day before a court’s scheduled to hear why the company should be wound up? Gimme’ a break. Is the market really so tough? Are appointments so scarce? Regardless, INO reckons it looks skewiff. Or stupid. Maybe both. The circumstances upon which we have formed our opinion are to be found In the matter of Polar Agencies…
Cor Cordis partners Ozem Kassem and Jason Tang have had the fees they generated as administrators of Attack Engineering Pty Ltd lopped following objections by Steve Nicols, who replaced them when the company was wound up. Kassem and Tang were appointed administrators of the Coffs Harbour-based firm on August 29, 2017 after receiving a referral from Shine Lawyers’ James Hulbert. That appointment followed winding up proceedings initiated by the Australian…
With McGrathNicol this week affirming its hold on the RCR Tomlinson administration without a whimper of inquiry about $420,000 in pre-appointment fees, it starting to sound like ‘All I want for Christmas is a pre-appointment gig that morphs into a V-bloody-A!’ Such at least was INO’s first and admittedly cynical thought on unwrapping the contents of Andrew Sallway and Duncan Clubb’s Declaration of Independence, Relevant Relationships and…
Balance Insolvency’s Tim Cook spent a couple of hours in the witness box in the NSW Supreme Court yesterday, contributing as best as he could to the proceedings currently underway in the matter of Fearndale Holdings. Cook is Fearndale’s most recent external administrator, having been appointed as voluntary administrator (VA) back on May 3 of this year. We missed the bulk of his testimony but did…
While reading the declaration of independence, relevant relationships and indemnities (DIRRI) filed by the four McGrathNicol partners appointed voluntary administrators (VAs) of RCR Tomlinson Ltd last week, INO was gripped with a sense of deja vu. The DIRRI provides significant detail on McGrathNicol’s pre-appointment involvement with the failed engineering firm, much like the supplementary DIRRI KordaMentha lodged on June 22, 2017, a week after its initial disclosures in respect of extensive…
When SV Partners’ pair Shumit Banerjee and Jason Porter were appointed joint and several voluntary administrators (VAs) of United Security Enterprises Pty Ltd (USE’s) it dawned on them very quickly that they had a problem. Under the Security Industry Act and cl 13(3) of the Security Industry Regulation 2016 (NSW) the Commissioner of Police was obliged to revoke the company’s master security license due to the event…
A spat over control of Fearndale Holdings‘ shale quarry has flushed out a real crowd from the world of insolvency and the sometimes connected world of individuals who’ve captured the attention of the ATO. Back in May 2018 Balance Insolvency’s Tim Cook was appointed voluntary administrator of Fearndale Holdings which has some claim to the quarry at Luddenham in Sydney’s west. This week the Supreme Court heard…
PwC’s Derrick Vickers may well have suspected that his use of special proxies at the first meeting of creditors of Queensland construction outfit JM Kelly Builders Pty Ltd would attract some push back and if he did then he was right. INO has learned that since the October 29, 2018 meeting both ASIC and ARITA have received complaints and queries from creditors disappointed that their…
Grant Thornton duo Mike McCann and Said Jahani have had an entertaining time since being appointed voluntary administrators (VAs) of the CRCG-Rimfire Ptd Ltd joint venture late in 2017 and there’s no sign of the fun ending just yet. Most recently a major contingent creditor dissatisfied with the treatment of its proofs of debt (PoD) has commenced proceedings in the Federal Court, thereby halting the progress McCann…
David Mansfield and Neil Cussen would’ve been highly motivated applicants when they approached the Federal Court recently seeking to extend the convening period for the second meeting of creditors of Highrise Telecoms Pty Limited. The Deloitte duo were appointed administrators of the company by secured creditor Buroserve Australia at the beginning of October. According to the judgment of Justice David Yates in Mansfield, in the matter…