Is there a more reliable indictor of a souring relationship than the commencement of legal proceedings against an external administrator by a secured creditor?
iNO certainly hopes so but for present purposes we’ll designate the commencement of proceedings as the epitome of acrimony, and in this case the objects of that acrimony appear to be Richard Albarran and Brent Kijurina in their capacities as receivers & managers (R&M) of Epic Mining Pty Ltd.
As we reported last month, NSW Supreme Court chief judge in equity David Hammerschlag made orders appointing Epic Mining’s liquidator Darren Vardy as R&M.
Once the 14 day stay his honour attached to the order expired Vardy shot off a volley of correspondence to his colleagues in Park Street requesting that they resign forthwith.
As of yesterday that has not yet happened and Albarran and Kijurina are of course entitled to consider their position before acceding to the incoming R&M’s directive, particularly if there are loose ends like unpaid fees and in circumstances where Justice Hammerschlag’s order made no reference to the incumbents.
Considering one’s position in such circumstances of course is even more critical when R&Ms whose tenure has been ended by the court appointing another are sued by a secured creditor, and this would seem to now be the case, with proceedings being brought against the Hall Chadwick pair by Consolidated Capital & Funding Pty Ltd (CCF) which Vardy told creditors in his November 2021 report asserted that it is a secured creditor of the Company, “having discharged the debt owing to the ANZ and having its security interest assigned”.
An ASIC search revealed that CCF’s sole director is Gino Cassaniti, who is currently appealing a series of damning findings made by Justice Julie Ward In the matters of Earth Civil Australia Pty Ltd, RCG CBD Pty Ltd, Bluemine Pty Ltd, Diamondwish Pty Ltd and Rackforce Pty Ltd (all in liq) [2021] NSWSC 966.
What beef he has with the Hall Chadwick duo will likely be revealed when the matter returns to court for directions next month.
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