October 2016

Grant Thornton counts losses in Arrium aftermath

Social media platforms provide an excellent means by which one can keep track of an insolvency practitioner’s career. Who after all isn’t eager to announce their arrival at a new organisation, particularly if clients haven’t acknowledged the email notifying them of the mobile careerists’s changed circumstances that was sent prior to departing the old firm? And what better or more convenient way to declare one’s…


William Buck pair not budging on Ridley

William Buck’s Brendan Copeland and Rob Whitton continue to resist attempts to replace them as liquidators of Ridley Capital Holdings (RCH), a company associated with architect Joshua Ridley that these days goes by the nom de plume ACN 151 726 224 Pty Ltd (in Liq). In the NSW Supreme Court yesterday barrister Jim Johnson acting for the plaintiff and RCH’s former business partner Corbis Global, told…


Ferrier’s pair deny foiling ACN auditors

Ferrier Hodgson partners John Lindholm and George Georges are facing genuine challenges as deed administrators of two entities from the disgraced Victorian education provider Australian Careers Network (ACN) and one of the most significant crystallised last week. Lindholm and Georges have been arguing since shortly after their appointment as voluntary administrators to ACN Group in March that proceedings first brought against group entities Phoenix Institute of Australia…


Dinoris talks ignore elephant in the office

Liquidator Peter Dinoris may have parted ways somewhat abruptly with Vincents Chartered Accountants but salvation in the form of a new role is potentially a mere seven floors down from Vincents’ Level 34 HQ in the Santos Place complex on Brisbane’s Turbot Street. Whilst processing dross from the insolvency silts earlier this week, SiN learned that the out-of-work Queenslander was considering re-establishing himself under the banner of…


94 DoCAs Arrium’s only option: Korda Mentha

Having absorbed the enormity of the shambles that is Arrium Mining and Materials (Arrium), voluntary administrators (VAs) Korda Mentha are proposing that the sale of the steel maker and iron ore miner be facilitated through no less than 94 Deeds of Company Arrangement (DoCAs). To this end the VAs have applied to the Federal Court for orders and directions to facilitate putting the proposal to creditors….


ARITA's 2020 strategic plan revealed.

ARITA’s 2020 strategic plan revealed

This week SiN gained an insight into the latest strategic planning process being undertaken by the Australian Restructuring Insolvency & Turnaround Association (ARITA) and ARITA chief executive John Winter, who was in Melbourne yesterday at the ARITA Tas/SA State Conference, confirmed the existence and content of the agenda. “The current strategic plan was 2017 so it’s an appropriate time,” Winter said. “We’ve retained the strategy advisers…


Dinoris and Vincents part company

Perhaps it’s a coincidence but in the wake of the findings of Federal Court Judge John Reeves, Peter Dinoris and Vincents Chartered Accountants have parted company. The registered liquidator and doyenne of Brisbane’s Orthodox Greek community told SiN this week he tended his resignation on October 4. He declined to be drawn on why his 15 years with Vincents had come to what seems an abrupt…


ATO raid fails to deter pre-insolvency offers

You’d think that if the joint agency taskforce formed to tackle predatory pre-insolvency and illegal phoenix activity had visited your firm’s premises, the principals of said firm might reassess the way they do business. What, they might ask each other, is it that’s attracted the attention of the authorities? What can we do about it? Decrees might issue forth. Employees ordered to cease all activities….


Referrer swaps gaol for Mosman

Controversial referrer to the insolvency profession Ian David Lazar has swapped the distasteful surrounds of a prison mental health facility for the more salubrious comforts of the Mosman Private Hospital Mood Disorders Unit after successfully applying for bail in the NSW Supreme Court. Lazar, 45, had been languishing in custody for five months awaiting trial on 13 charges relating to alleged fraudulent activity and his attempts…


Conflict of interest survives after court approves orders.

Liquidator’s conflict okayed by court

In a week when we’ve seen a Victorian liquidator suspended for three years for ignoring conflicts of interest, a judgment has emerged demonstrating that a conflict doesn’t have to be a bar to a liquidator maintaining appointments even when the conflict ensures fees get paid. In the matter of CAL Consulting Pty Ltd (in liq) v CAL Consulting Pty Ltd (in liq) Justice Jayne Jagot…