Cor Cordis pair overlooked as ATO intervenes

Cor Cordis partner Ozem Kassem

Cor Cordis partner Ozem Kassem: looks set to be supplanted as ATO moves.

We can’t be certain at this early stage of our Sinvestigation but the recent move by the Deputy Commissioner of Taxation (DCoT) on the incumbent liquidators of Italian Prestige Jewellery bears a passing resemblance to the DCoT’s GST-avoidance case against ABC Refinery.

Orders handed down by Justice Brigitte Markovic yesterday in the Federal Court reveal that the DCoT has applied to have “proposed additional liquidators” appointed to Italian Prestige Jewellery, A 1 Metals Pty Limited, Antel Metals Pty Limited, 4 Nines Pty Limited and Premium Metal Service Pty Ltd.

Prior to being placed into liquidation these entities were controlled by members of the Catanzariti family from western Sydney, though we are unable at this point to confirm if it is the same Catanzariti family which produced such luminaries as Griffith citrus farmer and former Labor Party representative on the NSW Legislative Council Antonio Catanzariti.

If approved the orders will likely see incumbent liquidators Ozem Kassem and Jason Bing-Fai Tang of Cor Cordis relegated to general purpose liquidator (GPL) status, which in this case as in most others means being excluded from funding and indemnities the DCoT has proposed to provide to whoever’s names are on the consents to act on this matter.

Regular readers will recall that in January 2017 the DCoT moved on ABC Refinery after negotiations to fund the directors appointee Schon Condon broke down. Since December 2015 ABC Refinery has gone by the name ACN 154 520 199 Pty Ltd.

The ABC Refinery case involves a $200 million plus claim by the ATO for unpaid GST and associated penalties.

KordaMentha’s Rahul Goyal and David Winterbottom were subsequently appointed special purpose liquidators (SPLs) of ACN 154 520 199. When Winterbottom retired Jenny Nettleton joined Goyal and the pair are currently in the middle of publicly examining ACN 154 520 199 Pty Ltd directors as well as persons associated with ACN 154 520 199 Pty Ltd.

Sitting behind the former ABC Refinery sits interests associated with the Pallion Group, Australia’s largest private precious metals refiner and one of of Australia’s top 20 wealthiest private companies.

Further reading:

SPLs For ABC As ATO Moves To Replace Condon

Creditors Reject Ferriers Pair Over ATO Role

Breaking – ATO Sues Gold Refiner For $200 Million

About the Author

Peter Gosnell
Insolvency News Online illuminates the practice of insolvency Australia-wide, highlighting the triumphs and travails of the nation’s registered practitioners and the accounting and legal professionals who work with them. INO is produced by Peter Gosnell, former business editor and senior business reporter at The Daily Telegraph newspaper. During a decade-long career, your correspondent reported on such notable corporate collapses as HIH, One.Tel, Westpoint and Fincorp as well as some of the nation's highest profile bankruptcies and the investigations and prosecutions arising from Australia's most notorious instances of white-collar crime.

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