South Coogee phoenixer dodges freezing order

Shumit Banerjee would not have been overjoyed by the decision of Federal Court judge Jane Needham to refuse to his application for freezing orders over the property of alleged South Coogee phoenixess Connie Melissa Stojic.

“There was significant evidence that Mrs Stojic was prepared to tamper with documents which did not meet her needs. In cross-examination, Mrs Stojic did not deny that the doctoring occurred, but claimed that she was not involved in the tampering. I do not believe Mrs Stojic.” Justice Jane Needham.

As liquidator of Eastside Formwork Pty Ltd (Eastside), Banerjee is looking to recover losses for unsecured creditors, including the ATO which is owed in excess of $14 million.

In August Justice Needham found Stojic and Eastside director Mohammed Zaidan liable in Banerjee (Liquidator), in the matter of Eastside Formwork Pty Ltd (in liq) v Stojic (Trial Judgment) [2026] FCA 1140.

In coming to her conclusions her honour also found that Stojic was a shadow director, Zaidan was a dummy director and that the formwork businesses operated by Connie and her husband Dane Stojic had been phoenixed, findings Justice Needham on Tuesday heard would be challenged on appeal.

For the Westburn Advisory principal the judgment validated his claims and his focus on the primary asset likely to yield recoveries, that being a residential property at South Coogee in Sydney’s eastern suburbs owned by Stojic.

Since 2021 Banerjee’s had a fingertip on the property – most recently valued at $6.3 million – by way of an undertaken Stojic previously gave to court that she wouldn’t sell or otherwise deal with the home without giving 21 days notice.

Whilst the property is mortgaged there’s a decent chunk of equity. However certain critical deadlines – the mortgage repayment due date and the deadline for filing notice of intent to appeal Justice Needham’s damning judgment – conspired to force Stojic to seek to further encumber the property.

She’s seeking $3.5 million so she can pay out the current loan of just over $3 million and have $350,000 to $400,000 to pay the costs of the proposed appeal, notification of which the court heard would be filed on Friday.

No doubt alarmed that whatever value his fingertip had pinned could slip away, Banerjee objected to further encumbrances and sought freezing orders to lock the property down.

But despite making damning adverse credit findings in the aftermath of Stojic’s pre-judgment cross-examination Justice Needham refused, describing the imposition of a freezing order as an “extraordinary” measure.

Given the history of brazen non-compliance catalogued in the judgement, one might have thought that nothing less than extraordinary restraints would be sufficient. One would’ve been mistaken.

Her honour was quite satisfied that the undertaking – which to be fair has so far been honoured – was adequate, through she refused Stojic’s request for a carve out of the proposed loan funds to pay for other expenses.

This was partly because Banerjee’s legal team told the court Stojic’s husband Dane had provided an undertaking to pay the family’s living expenses and that Stojic’s accountant Frank Bruzzano had provided a certificate affirming Connie and her company Buildquip Pty Ltd had the capacity to serve loan repayments of $20,000 per month. What wasn’t put before the court was evidence demonstrating how.

Much was made of a workers compensation payout Dane Stojic had received, though Banerjee’s legal team couldn’t tell the court the amount. More on that in iNO tomorrow. And yes, after dismissing the application the judge ordered Banerjee to pay Stojic’s costs.