December 2015

KPMG pair clinging to fees despite ARITA ruling

KPMG’s Ian Hall and Chris Giddens have for months been resisting calls from the insolvency practitioners’ representative body to resign as liquidators of Engineered Surface Preparation Pty Ltd and repay fees earned on the appointment. The dispute between the Australian Restructuring Insolvency and Turnaround Association (ARITA) and two of its members came to light today when ARITA published details of a Professional Conduct Committee review that…


asic launches legal action against liquidators

ASIC benches Sydney liquidator

AFTER months of speculation the regulator has moved to shut down an inappropriately cosy referral relationship between Sydney liquidator Adam Farnsworth and Drummoyne-based accountant Frank Bruzzano. In a statement released today the Australian Securities and Investments Commission (ASIC) said it had extracted an enforceable undertaking from Adam Edward Patrick Farnsworth which suspends his liquidator’s registration for six months. Given Farnsworth has not accepted an appointment since…


Oswal accuses receiver of throwing colleague “under a bus”

WITH judgement pending on Justice Antony Siopi’s inquiry into the handling of the Burrup Fertilisers receivership, extraordinary allegations made about partners and staff of PPB at the eleventh hour by Martin Goldblatt can now be aired, alongside PPB’s rebuttals. One of the main planks of plaintiff Pankaj Oswal’s pursuit of breach of duty findings against Ian Carson, David McEvoy and Simon Theobald rests on the…