March 2016

Innovation statement foments debate

THE changes to insolvency mooted in the Federal Government’s Innovation Statement provide an ideal opportunity for insolvency practitioners to host seminars. There the invited can hear the pros and cons debated then opine at length during the drink and nibbles that invariably follow. Last week Schon Condon, James McPherson and the rest of the Condon Associates team were at it, packing their conference room on…


Insolvency Guardian: asset freezing action dropped

ORDERS freezing the assets of the former director of Insolvency Guardian Melbourne have been dismissed. In the Federal Court last week Justice James Edelman ordered that the proceedings brought against Phil Carlei by Insolvency Guardian principal Jarrod Siorecki be dismissed by consent. There were no orders as to costs. Neither Carlei or Siorecki responded to requests for comment. The orders bring to an end an action…


Keeping it Civil as creditors dump Jirsch

IT was fortuitous that no vases were present in the Ming Room at 3 Spring Street last Friday because the unsecureds in attendance were fit to topple a dynasty. When they learned that the patriarch had had a seizure, they laughed. When the contents of his doctor’s certificate were divulged, derision and cynicisms were elicited. When told he was too ill front, they overthrew his…


KPMG Brisbane partner expelled from ARITA

THE CVs of KPMG Brisbane’s two most senior insolvency professionals are sporting bruises after the Australian Restructuring Insolvency and Turnaround Association (ARITA) announced this week that it had terminated their membership. In a short statement ARITA said that Ian Hall and Chris Giddens have been expelled and their names expunged from the ARITA Register for their refusal to comply with penalties applied as a result…


Palmer ousts FTI, ponders DoCA

IN the wake of FTI Consulting’s removal as managers of the Yabulu nickel refinery in Queensland yesterday, creditors now face the prospect of the operations once again being controlled solely by Clive Palmer’s nephew. Until last Sunday, James McDonald and Clive Mensink were the directors of Queensland Nickel Sales Pty Ltd (QNS), a company first registered in 1972. However McDonald’s removal was only made official on Tuesday, one day…


Fat finger behind ANZ wind up error

WELL, you wouldn’t have wanted to be a hung over fund manager yesterday morning, logging on to check the portfolio after a big night out. If you had then you might’ve seen that the daily insolvency notices included a listing for the ANZ Bank. Further, the listing showed that the bank was being wound up by the tax office. According to the notice ANZ was subject…


BPS sinks rivals at Chartered Accountants regatta

FRIDAY was a triumph for the men and women of BPS Recovery after partner Max Prentice’s Ticket of Leave (TOL) trounced the competition at the annual Chartered Accountants Regatta on Sydney Harbour. With son Matt at the helm, Prentice scooped the Division A teams event, winning the coveted Liquidators Cup in the process. Fellow BPS team skipper Rob Pizzie took second aboard Tonic to entrench…