November 2016

McGrathNicol queried on McAleese

Given the big banks’ lack of agility in every sector they operate it’s no surprise that their practice of favouring certain insolvency firms is generating angst. Only a select group – Korda Mentha, Ferrier Hodgson, EY, PPB Advisory, PwC and McGrathNicol – consistently get a look in on the lucrative receivership work doled out by the big four and the same goes for the major administrations. One…


Trustee ousted over litigation funding deal

Getting between an ex-wife and a multi-million dollar property in Pyrmont has not turned out well for Veritas Advisory’s Louise Thomson. In a recent judgment of the Federal Court Justice Kathleen Farrell detailed how Thomson, as trustee of the bankrupt estate of Leslie James Young, was certain to be replaced by Jirsch Sutherland’s Stewart Free. What seems to have seriously aggravated Mr Young’s ex-wife and principal…


Krejci and Green hunting for funding

The Supreme Court of Western Australia has given AE&E Australia’s liquidators some critical breathing space in their fight against Sino Australia by ordering that they can deliver $320,000 required as security for costs for a legal challenge in one lump sum rather than in three tranches. In a judgment handed down last week Justice Ken Martin ruled that BRI Ferrier’s Peter Krejci and Martin Green could have until…


Sakr Appeal: ASIC pitches for proportionality

As counter-intuitive as it is, SiN will ignore the galling irony of six senior counsel each racking up $5000.00 or more a day to instead report on what caused this lavishly remunerated lot to be assembled. A hearing in the NSW Supreme Court of Appeal is what, specifically proceedings brought by Dissolve principal Cliff Sanderson after he took such exception to having his claim for $43,000 in remuneration…


Riad’s recommendation “surprising”: Brereton

Justice Paul Brereton has said that he found it “surprising” dVT’s Riad Tayeh recommended a company that wasn’t trading and whose only creditors were its shareholders and a related party, be wound up in a recent judgment. Tayeh has told SiN his honour was not wholly appraised of the relevant circumstances. In the matter of Classic Corporation Pty Ltd the judge was asked to rule on…


Iannuzzi arouses ire ahead of MK liquidation

Veritas Advisory principal David Iannuzzi has upset some of the now former staff of the MK Floors group such that they’ve reportedly fired off a letter to the corporate regulator and ARITA questioning his independence. SiN’s already reported on MK Floors and Iannuzzi’s appointment at: Veritas And CBA Content With Constantinidis but that was before last Wednesday when approximately 40 staff were sacked and responsibility for their entitlements shunted…


Pie Face liquidation exposes FEG limitations

Pie Face Pty Ltd deed administrator Sule Arnautovic will today recommend that creditors place the fast food maker into liquidation after secured lender TCA Global declined to tip in up to $3.5 million for employee entitlements and instead installed a receiver ahead of a planned sale of the business. In a report sent to to creditors last week the Jirsch Sutherland partner said the decision…


FTI contemplate appeal after CGU pursuit fails

Fuming? Well perhaps not quite. Disappointed? Definitely. The three FTI Consulting partners acting as liquidators of civil construction firm Akron Roads came very close to cracking open CGU recently, though ultimately a court found the insurer not liable to indemnify the company’s former business advisers. The decision – handed down on November 11 in the Supreme Court of Victoria – means FTI’s Ross Blakeley, Michael Ryan and…


Creditors reject Ferriers pair over ATO role

Creditors have rejected an attempt to supplant liquidator Schon Condon at a recent meeting of ABC Refinery Pty Ltd where the replacement’s independence came under scrutiny and the meeting chairman was forced to reprimand an Australian Tax Office (ATO) official. The minutes of the October 7 meeting outline how the ATO sought to have the Condon Associates founder and principal replaced with Ferrier Hodgson’s Robyn Duggan and…


SPL for Ridley if William Buck pair remain

Brendan Copeland and Rob Whitton could be beholden to a special purpose liquidator (SPL) if a court refuses an application to remove them as general purpose liquidators (GPLs) of Ridley Capital Holdings (RCH). Corbis Global, an Argentinean-based architectural, engineering and design firm with offices in the USA and Australia has applied in the NSW Supreme Court to have the pair removed so it can install…