Jones Partners principal Bruce Gleeson. Jones Partners Daniel Soire.Barring any road to Damascus conversion, Bruce Gleeson and Daniel Soire might anticipate hostility from certain quarters when they finally reconvene the second meeting of creditors of Dalma Form Specialist Pty Ltd (DFS).The Jones Partners‘ pair adjourned the second meeting on February 7 for up to 45 business days, ostensibly so they could conduct investigations into matters…
Jones Partners principal Bruce Gleeson. Helm Advisory managing director Stephen Hathway.Rival insolvency practitioners could shortly be facing off control of a corporate group that’s allegedly defrauded the Australian Tax Office (ATO) of $150 million. Before any showdown with lawyers occurs however, the rivals have time to negotiate a less adversarial outcome thanks to the decision of the administrators of Dalma Form Specialist Pty Ltd (DFS)…
BDO partner Shaun McKinnon.It’s not often that the courts agree to set aside a vote of creditors and terminate a deed of company arrangement but Federal Court judge Roger Derrington did just that yesterday, and the deed administrators punted as a result might think themselves lucky.“In this case, the findings that the DOCA was an abuse of Pt 5.3A, that it was unfairly prejudicial to…
This may be the cautionary tale to top them all.Levi Consulting’s David Levi.A registered liquidator, making submissions in respect of costs, has – unwittingly we presume – required a judge of the NSW Supreme Court to consider making adverse findings against him. The mother of all own goals, scored on the eve of the new year, though we won’t know till after 4:00pm today, earliest.This…
Aston Chace’s Ian Niccol. Hall Chadwick’s Richard Albarran. When directors don’t get their preferred external administrator, the unwanted incumbent can anticipate consequences.When that company has a toe on a supposedly rich gold deposit then the unwanted appointee can expect those consequences to manifest swiftly, as Sydney insolvency practitioner Ian Niccol recently discovered.The Aston Chase principal was installed by the courts as liquidator of Rio Dorado…
DV Recovery Management’s Daniel O’Brien.A shareholder dispute has spilled into the NSW Supreme Court with one of the warring factions seeking to oust voluntary administrators (VAs) of their company on the basis that a supposedly suspect Notice of Meeting meant the resolution passed to appoint VAs was invalid. In the court on Monday counsel for estate agent and creditor William Tianguang Bai of Bai Family…
BDO partner Matthew Blum.BDO partner Luke Andrews.Practitioners accepting gigs as voluntary administrators (VAs) after winding up proceedings have been commenced continue to be cannon fodder for Australia’s largest creditor.Recently we reported on a VA’s challenge to the hearing of an application to wind up of Rio Dorado Limited via an application for an adjournment. The argument was that creditors should have the opportunity to vote…
Wexted Advisors founder and principal Joe Hayes.Wexted Advisors partner Andrew McCabe.Wexted Advisors founder Joe Hayes may be facing an almighty stoush with the Queensland State Revenue Commissioner (Commissioner) over an unpopular DoCA, but that doesn’t mean he and colleague Andrew McCabe should be prohibited from utilising the deed funds for their defence.” … the allegations made in the Queensland Proceeding in respect of the Deed Administrators’…
David Levi.If you’re appointed administrator of a company subject to a creditor’s statutory demand and indicate a preparedness to have adjourned the winding up application on foot, it makes sense to turn up with your boxes ticked. Last Friday a court dealt with a practitioner who didn’t.“At the risk of stating the blindingly obvious if I assume I’m gong to win the lottery I can…
Liquidator David Levi.Seeking to adjourn a winding up order being made against the company to which you’re appointed administrator has consequences.“There are several matters which his Honour will wish to raise with Mr Levi, which in fairness he should be allowed an opportunity to address personally, although his Honour can raise those matters with Mr Levi’s legal representatives or, in an appropriate case, invoke the…