December 2016

Copeland and Whitton repel usurpers

Well they’ve done it. Brendan Copeland. Robert Whitton. Two of William Buck’s finest. They’ve beaten off a concerted effort to have them replaced as liquidators of Ridley Capital Holdings (RCH). John Sheahan and Ian Lock, who’d consented to act in their place, can only ponder what might have been. Copeland and Whitton’s position was confirmed on Wednesday via the judgment of Supreme court Justice Ashley…


Coshott trustee's Christmas treat

Indemnity costs a Christmas treat for trustee

Bankruptcy trustee Max Prentice might have more to smile about than usual this Christmas after long time nemesis Fewin Pty Ltd and members of the associated Coshott family abandoned their action against the BPS Recovery partner and against ex-trustee in bankruptcy John Burke in the Federal Court. On Tuesday Fewin Pty Ltd, Ljiljana Coshott, and her husband Robert Gilbert Coshott were granted leave to discontinue proceedings which had been the…


Korda Mentha earning $1 million per week

Kordas clinching $1 mill a week on Arrium

Billing $1 million a week in remuneration suggests a truly frenetic degree of activity has attended KordaMentha’s attempts to rescue stricken steel maker Arrium. Either that, or salaries offered to lure sufficient quantities of number crunchers to handle this complex and politically fraught appointment are at the top of the range or, given the fact the initial team has since contracted substantially, the appointees themselves…


Pitcher Partners latest to take a slice of Pluton

Pitchers pair latest to take a piece of Pluton

Pitcher Partners West Australia’s Bryan Hughes and Daniel Bredenkamp weren’t going to make the mistakes of their predecessors when approached to act as joint receiver managers of what might almost be described as the perpetually resuscitated Pluton Resources. Guided by the less than satisfactory experience of three KordaMentha partners who retired from Pluton in 2015 and are now being sued, the Pitchers pair told their appointor…


Cor Cordis adjourns creditors meeting again

Cor Cordis adjourns again as ATO plays coy

The Australian Taxation Office (ATO) is making life a tad difficult for Cor Cordis partners Ozem Kassem and Jason Tang with a judge this week hearing that the joint liquidators of Project 1876 Pty Ltd needed to reschedule a meeting of creditors for a second time. SiN understands the application was made so as to allow the ATO, which is the company’s major creditor, more time to consider a most…


Receivers' fees not liable to cap: judge

Ross and Albarran reject cap on fees

Meanwhile in Victoria, the Supreme Court has tossed up a lengthy judgment cataloging the continuing efforts of Hall Chadwick’s David Ross and Richard Albarran to secure more than $200,000 in fees and expenses they argue have been owing since 2012. In Ross v Gippsreal [2016] VSC 753, the Hall Chadwick pair claim they are owed the money by their appointor, Gippsreal in respect of fees…


Swan Services insolvent trading finding

Liquidator clinches insolvent trading ruling

Liquidator Anthony Elkerton has secured a crucial win for creditors of Swan Services Pty Limited with a judge finding that the company’s director allowed one of Australia’s largest contract cleaning enterprises to operate whilst insolvent. In the NSW Supreme Court yesterday Justice Ashley Black ruled that neither Swan Services director Robert John Swan or company executive and ex-wife Judith Louise Swan had reasonable grounds to…


Dinoris launches Artemis Insolvency

Peter Dinoris, who in October ended a lengthy tenure with Vincents on what are believed to be less than amicable terms, has launched his own practice. The new outfit is called Artemis Insolvency and while it’s understood that one member of Artemis has been poached from the former firm, all Dinoris’s anonymous PR man would say about staffing is that: “He currently has a team…


PPB cops pasting for lack of haste

PPB Advisory and in particular Melbourne partner Craig Crosbie have copped some trenchant criticism in the judgment of Hastie Group Limited (In Liquidation) v Moore [2016] NSWSC 1682, delivered on Wednesday by NSW Supreme Court Justice Michael Ball. “… just wrong…”, “… no or very limited work …” and ” .. delayed unreasonably …” conveyed the general tenor of the judge’s reasons, made more withering by the…


Hall Chadwick pair warned off by ASIC

SiN’s Market Street hackers recently relayed that the liquidator cop was not comfortable with Hall Chadwick’s Cameron Shaw and Richard Albarran agreeing to an appointment as voluntary administrators (VAs) of Monnif Pty Ltd. The West Australian outfit, which trades under the name Monty’s Plant Hire, was the subject of winding up proceedings initiated by Bank of Queensland Equipment Finance (BOQEF) in the Supreme Court of Queensland on…