September 2016

$550 per appointment: new ASIC funding model

Electronic communications are like confetti – uncontrollable once released – and it didn’t take long before details from yesterday’s meeting between ASIC, Treasury and ARITA to began appearing in SiN’s inbox. The meeting was arranged to discuss the controversial liquidators’ levy. To recoup the $9 million per annum ASIC says it spends regulating registered liquidators, the regulator has proposed that practitioners pay a fee of…


Octaviar fees crack $24 mill

Would it be more costly to allow insolvent companies like Octaviar to collapse chaotically? SiN asks in jest. The alternative to a controlled winding up administered by justice cannot be tolerated. But it would be a wonderfully instructive experiment, fatalities aside. The catalyst for contemplating such improbabilities was the release yesterday of the six monthly accounts for Octaviar Administration (OA), which has been under the…


ATO raid unearths suspended liquidator

ATO raid unearths banned liquidator

One of the targets of a raid last month by the inter-agency phoenix task force had been utilising the services of Andrew Dunner, the former PKF partner whose registration as a liquidator was suspended for five years in 2013. On August 11 officers from the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC) raided the Adelaide Street offices of A&S Services Australia in the…


ARITA and ASIC to meet over levy proposal

At its recent state conference in Perth, ARITA chief John Winter told members that neither the corporate regulator or Treasury had responded to multiple requests for detail about the proposed liquidators levy and that as a consequence he was considering lodging a freedom of information request (FOI). The comment prompted one SiN reader to make the observation that such a threat might not enhance the…


PPB’s exemplary sidestep as Oswals settle

This is not just dodging a bullet. This is not even evading the passage of a half-ton projectile fired from the deck of a dreadnought during the battle of Jutland. This is departing ground zero by teleportation a nanosecond before Little Boy. “This” is PPB Advisory’s seeming escape from any adverse findings, possible pecuniary penalties and further negative publicity following the termination of hostilities between…


Worrells pairs’ pay clipped by Brereton

Justice Paul Brereton has taken a persuasively-argued blade to a pay claim by Chris Darin and Simon Cathro of Worrells for remuneration as liquidators of Dungowan Manly Pty Ltd. The pair asked for $42,761.00 to be fixed by court order after the members of Dungowan Manly refused to endorse the pay claim when it was put to them via resolution on May 23 this year. In his…


Calabretta cops costs order

Friday drinks might have been a sombre affair for Domenic Calabretta last week after acting justice Reg Barrett of the NSW Supreme Court ordered the Mackay Goodwin principal to pay half the costs that the new board of Condor Blanco Mines incurred having Calabretta’s appointment as voluntary administrator of the ASX-listed entity declared void. Sources in the legal profession estimate Calabretta’s hip pocket will take…


ATO backflip on Plaza West DoCA

Helm Advisory principal Stephen Hathway is currently enjoying the backing of the Australian Tax Office as it reprises its position on Plaza West, a company whose sole director Maria Fayad is the wife of Dyldam co-founder Sam Fayad. On Monday NSW Supreme Court judge Ashley Black heard a strike out motion launched by Ms Fayad. The company is currently subject to a deed of company…


Kordas quits after ARITA intervention

Coincidences, like hurricanes in Hampshire, hardly ever happen so what is to be made of the missive from the Australian Restructuring Insolvency and Turnaround Association (ARITA) about independence and indemnities in light of the almost simultaneous relinquishing of the North West Crane Hire administration by Korda Mentha? On Monday ARITA advised members it had observed an ominous trend. Practitioners appointed as administrators were increasingly accepting…


Judge delivers idyllic solution on fees

With the insolvency profession atremble at the prospect of proportionality, the news that HLB Mann Judd’s Barry Taylor and Andrew Needham have had a tad shy of $542,000 in remuneration approved by a court must be reassuring. On Wednesday the Supreme Court of NSW’s Justice Ashley Black handed down his decision In the matter of Idyllic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and…