Marcus Watters of Hall Chadwick. Hall Chadwick’s Richard Albarran. You would think that having convinced a court to declare a general security agreement (GSA) invalid and thereby ridding oneself of the receiver appointed pursuant to that GSA, that a director might be as it were, in the clear. Well not necessarily, and not in the case of Jin Resources (Aust) Pty Ltd (Jin) director Richard…
PKF partner Glenn Franklin. Pitcher Partners’ Bryan Hughes. The Darwinian contest for appointments, prestige and WIP continues unabated and in the case of ASX-listed Colortv Ltd, PKF Victoria partners Glenn Franklin and Jason Stone may well be rueing the loss of a plum. The pair were appointed administrators of the MySpace spin-off on August 31 after receiving a call from Melbourne-domiciled referrer Tumblugum Investments Pty…
Hall Chadwick partner Kathleen Vouris. Hall Chadwick’s Richard Albarran. Well you can’t say they didn’t try. Richard Albarran. Kathleen Vouris. Two of Hall Chadwick’s finest. They gave the Government of the Solomon Islands every opportunity in their bid to save Orbis Commodities (Orbis). Perhaps that was their big mistake? In case you haven’t heard the much touted Deed of Company Arrangement (DoCA) in respect of…
Oracle Insolvency’s Dominic Cantone. Oracle Insolvency’s Nick Cooper. There will be expressions of wrath, gnashing of teeth and beheading of slaves in the corridors of insurers this week after a judge ruled that two liquidators ordered to personally pay cost orders without recourse should be covered by their professional indemnity policies. “On 22 December 2020, CGU formally declined to indemnify Messrs Cantone and Cooper.” Justice…
Hall Chadwick’sKathleen Vouris. Hall Chadwick’s Richard Albarran. If you think Australian Prime Ministers have a tough time dealing with the Solomon Islands Government (SIG) spare a thought for Kathleen Vouris and Richard Albarran. For almost a year the Hall Chadwick pair have been dangling at the whim of the SIG as that august body contemplates funding a deed of company arrangement (DoCA) for two related…
CrouchAmirbeaggi partner Shabnam Amirbeaggi. As our 25th Prime Minister John Winston Howard once said: “Context is everything” and context is uppermost in the reasoning of a judge of the NSW Supreme Court who recently validated an insolvency appointment made by a non-director exercising power of attorney. The need for judicial endorsement came about because the company’s husband and wife directors have in recent times been…
The Jirsch Sutherland partners that snagged the Remi Capital Group (Remi) VA last month might’ve had the inside running courtesy of a prior, related party appointment but that didn’t mean they had no competition. As is revealed in the Minutes of the first meeting of creditors, Remi’s voluntary administrators (VAs) Chris Baskerville and Glenn Crisp had to contend with various challengers, a not unusual occurrence…
Hall Chadwick partner Kathleen Vouris. Last week saw one of those scenarios – not entirely uncommon – where the chair of a deadlocked meeting has to give effect to the phrase “creditors will determine the future of the Company”. As well as defenestrating the spirit of the term in its purest sense, chairman or chairwomen choosing to use their power to break a deadlock invariably…
Grant Thornton’s Mike McCann. Mackay Goodwin’s Domenic Calabretta. Creditors’ distaste for fees is on full display this week with the release of the Minutes of the May 11, 2022 meeting of CRCG Rimfire (CRCG). The meeting was convened upon the application of creditors seeking to oust incumbent CRCG deed administrators Mike McCann and Said Jahani who are believed by certain creditors to have levied excessive…
Grant Thornton’s Mike McCann. Mackay Goodwin principal Domenic Calabretta. No doubt the Minutes of the most recent meeting of creditors of CRCG Rimfire Pty Ltd will tell an interesting tale when they become available but iNO has gleaned sufficient intel to report that the incumbent deed administrators are no more. On May 11 creditors resolved to turf the Grant Thornton duo of Michael McCann and…