The Deputy Commissioner of Taxation’s (DCoT’s) dogged interest in the moving minds behind Marrickville gold refiner Pallion Group took another turn this week with the Federal Court making orders appointing special purpose liquidators (SPLs) to ACN 607 537 548 Pty Ltd (ABCRA1).
The intervention means KordaMentha partners Rahul Goyal and Jennifer Nettleton will now undertake investigatory matters with assistance from the company’s general purpose liquidator (GPL) Adam Shepard.
Shepard neither consented to or opposed the SPL appointments which was the reasonable course given he had used his casting vote at the last ABCRA1 creditors meeting in May 2018 to pass a resolution to enter into a funding agreement with Pallion aimed at bankrolling an investigation into the validity of the DCoT’s claims, which were subsequently defeated. That resolution had been opposed by the DCoT.
The application to appoint Goyal and Nettleton as SPLS was brought by the DCoT and follows their 2017 appointment as SPLs to ACN 154 520 199 Pty Ltd, which was wound up in 2016 with Schon Condon appointed liquidator.
It is worth mentioning that ACN 154 520 199 Pty Ltd previously had a significant victory in the Federal Court against the DCoT, the result of which was the overturning of more than $200 million worth of tax assessments.
Like ABCRA1, ACN 154 520 199 Pty Ltd shares common directors, at least one of which is also a director of Pallion.
Annexure A of the orders made on Monday by Justice Scott Goodman outlines the scope of matters to be investigated by the SPLs.
Chief among them are described as the ABCRA1 “Restructure Matters” and include but are not limited to “the incorporation of ABC Refinery (Australia) Pty Ltd ACN 621 121 079 (ABCRA2) on or about 16 August 2017.”
The SPLs are also empowered to conduct investigations into any breaches of duty owed to ABCRA1, “whether under the Act, at common law or in equity, by:
(a) the directors or officers of ABCRA1;
(b) de facto or shadow directors of ABCRA1; or (c) any other person, including persons otherwise involved in the management and control of ABCRA1, in respect of the Restructure Matters.”
The orders also indicate that individuals associated with the entities prior to their restructures could be the subject of public examinations.
Further reading:
SPLs For ABC As ATO Moves To Replace Condon
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