January 2017

Cullen creditors replace liquidators

Creditor revolt on Cullen Group

Queensland construction industry creditors have been getting the pineapple – either end is a daunting prospect – since at least 2013 when the still unfolding collapse of Walton Constructions commenced, and if this week’s events in the state of committees is any guide, restive grow the natives. On Tuesday, trade creditors of mid-tier building firm Cullen Group turned out in droves at the first meeting…


Banned director Stephen Hall spruiking insolvency leads

Banned director Hall spruiking leads for IPs

Remember when the courts banned Gold Coast turnaround advisor Stephen Charles Hall from being a director of a company for five years? It was back in April 2016. The 26th to be precise. ASIC had investigated the prolific cold caller after he got in the ear of company director Brad Streeter and persuaded him that the imminent winding up of his company by the ATO…


Federal Court to rule on special purpose liquidator application

SPLs for ABC as ATO moves to replace Condon

The Australian Tax Office (ATO) has asked the Federal Court to appoint Korda Mentha’s Rahul Goyal and David Winterbottom special purpose liquidators (SPLs) of a company formerly known as ABC Refinery Pty Ltd in a move that would supplant general purpose liquidator (GPL) Schon Condon and focus the ATO’s GST fight with the precious metal refining sector squarely on the owners behind the Pallion precious metals group. In…


Victorian liquidator suspended

CALDB suspends Victorian liquidator

Two weeks before Christmas Melbourne-based insolvency practitioner Stan Traianedes received the most thoughtful of gifts from the Companies Auditors and Liquidators Disciplinary Board (CALDB) – a three year suspension that will allow him ample time to pursue his passion for photography. The Hall Chadwick alumnus – who until his lengthy benching practiced under the name S&Z Insolvency from offices in ritzy Parkville – was hauled before CALDB…


asic launches legal action against liquidators

ASIC asks court to ban Wily and Hurst

The corporate regulator has ensured 2017 starts with a bang by asking the NSW Supreme Court to inquire into the conduct of Armstrong Wily principal Andrew Wily and former partner Dave Hurst in relation to their conduct of liquidations associated with Crystal Car Wash Cafe. Neither defendant was free to comment when contacted by SiN. The full text of the ASIC release follows. ASIC has lodged an…


Liquidato rin the middle of war between ATO and gold refiner

Breaking – ATO sues gold refiner for $200 million

The Australian Tax Office (ATO) has launched a $200 million claim in the Federal Court against ABC Refinery Pty Ltd, four months after the company’s directors resolved to wind up the Sydney-based gold refiner and appointed Condon Associates’ Schon Condon as liquidator. Lawyers for the Deputy Commissioner of Taxation (DCOT) lodged an originating process and supporting affidavit in the Federal Court last Friday. Neither Condon or ABC…