Mali Thaggard and NatWest Finance are engaged in a tussle over funds connected to the voluntary administration (VA) of Shepherd Group Services (SGS), the resolution of which should be instructive at least in terms of highlighting the critical issue of registering security interests on the Personal Property Securities Register (PPSR). On Monday Thaggard – who left TPH insolvency to set up under the banner Australia Business…
Safe workplaces are all they rage are they not? Sterilised of bullies and abusers, staff can be at their productive best and woe betide anyone who doesn’t take the issue seriously. Shame the application of those values is so selective. Where are the vocal anti-bullying advocates when a bankruptcy trustee is subjected to what Rodgers Reidy director David Hambleton has been enduring? If you haven’t…
The KordaMentha foursome presiding over Australia’s most politically fraught external administration had a much needed win this week, thanks to an unnamed employee (or perhaps former employee) of equipment finance outfit Alleasing. On Tuesday Supreme Court justice Paul Brereton ruled that security interests over iron ore crushing equipment, originally registered on the Personal Property Securities Register (PPSR) by Alleasing, vested with Arrium group entity OneSteel. His…
Billing $1 million a week in remuneration suggests a truly frenetic degree of activity has attended KordaMentha’s attempts to rescue stricken steel maker Arrium. Either that, or salaries offered to lure sufficient quantities of number crunchers to handle this complex and politically fraught appointment are at the top of the range or, given the fact the initial team has since contracted substantially, the appointees themselves…
SiN’s Market Street hackers recently relayed that the liquidator cop was not comfortable with Hall Chadwick’s Cameron Shaw and Richard Albarran agreeing to an appointment as voluntary administrators (VAs) of Monnif Pty Ltd. The West Australian outfit, which trades under the name Monty’s Plant Hire, was the subject of winding up proceedings initiated by Bank of Queensland Equipment Finance (BOQEF) in the Supreme Court of Queensland on…
Given the big banks’ lack of agility in every sector they operate it’s no surprise that their practice of favouring certain insolvency firms is generating angst. Only a select group – Korda Mentha, Ferrier Hodgson, EY, PPB Advisory, PwC and McGrathNicol – consistently get a look in on the lucrative receivership work doled out by the big four and the same goes for the major administrations. One…
Veritas Advisory principal David Iannuzzi has upset some of the now former staff of the MK Floors group such that they’ve reportedly fired off a letter to the corporate regulator and ARITA questioning his independence. SiN’s already reported on MK Floors and Iannuzzi’s appointment at: Veritas And CBA Content With Constantinidis but that was before last Wednesday when approximately 40 staff were sacked and responsibility for their entitlements shunted…
Pie Face Pty Ltd deed administrator Sule Arnautovic will today recommend that creditors place the fast food maker into liquidation after secured lender TCA Global declined to tip in up to $3.5 million for employee entitlements and instead installed a receiver ahead of a planned sale of the business. In a report sent to to creditors last week the Jirsch Sutherland partner said the decision…
The Cayman Islands-based backer of the ailing pie and pastry manufacturer Pie Face has put receivers into one of the three Pie Face entities subject to a deed of company arrangement (DoCA) administered by Sule Arnautovic and Rod Sutherland of Jirsch Sutherland. O’Brien Palmer’s Chris Palmer and Liam Bailey were appointed receivers to manufacturing arm, Pie Face Pty Ltd on October 31. According to the deed of…
SiN has heard tell of white knights – Senator Bob Day thought he had one several times before conceding otherwise yesterday – but it’s not a role one normally associates with “Piggery” Al Constantinidis. The KPMG alumnus, who sprung to national prominence in the 1990s when he and former Prime Minister Paul Keating fell out over a piggery that went pear shaped, is not renowned…