March 2017

Receivers agree to settle over FEG claims

dVT to settle with FEG as liquidators focus on factorer

In what might prove to be valuable guidance for other insolvency practitioners who’ve fallen foul of the Department of Employment’s (DoE) FEG recovery unit, dVT Group’s Riad Tayeh and David Solomons are about to settle their dispute and SiN has it on good authority that a deal is imminent and could be confirmed as soon as next week. Proceedings were initiated against the pair on October 31,…


Gebie Services liquidators repel challenge to examination summonses

Gebie Liquidators repel challenge on summonses

Down in South Australia, Heard Phillips principals Andrew Heard and Anthony Phillips recently fended off a challenge to summonses requiring a range of parties for examination including RSM director Matthew Gordge. The summonses were issued in early February as part of investigations into the affairs of Gebie Services, to which Heard and Phillips were appointed liquidators in June 2016 following an application to the Federal Court…


FEG’s stretch for trust assets fails

Well this is different. FEG missing out on a slice of pie. It happened after receivers applied for a ruling to determine whether funds generated from a trading trust should be carved up for creditors. In the decision of Amerind Pty Ltd (receivers and managers apptd) (in liq) [2017] VSC 127 (23 March 2017), handed down in the Supreme Court of Victoria last Thursday, the…


PrimeSpace trust assets under increasing pressure

Pressure increasing on PrimeSpace liquidators

McGrathNicol’s Shaun Fraser and Tony McGrath are edging closer to launching a claim against Meyer Vandenberg, the former solicitors of PrimeSpace Property Investment Limited (PPIL) following confidential examinations conducted in February, but in news to no one, progress is being complicated by a creditor, ratcheting up the pressure on the pair who are funding their investigations with money from PPIL trusts. PPIL is the responsible entity…


Liquidators' levy halved

ASIC halves liquidators’ fixed levy

The recently scaled-back commissar of liquidator oversight has contacted his charges to advise of a scaled back proposal for the impending liquidators’ levy. In an email sent to all registered liquidators yesterday afternoon, ASIC senior executive leader Adrian Brown said that the annual fee they are to pay ASIC to regulate them will be $2500 instead of $5000 under a revised industry funding model. “Following the…


ATO funding to pursue voidable transaction uncertain

ATO vacillating on funding valuable voidable

The minutes of a recent meeting of creditors of Project 1876 Pty Ltd reveal that the Australian Tax Office (ATO) remains undecided on the question of whether it should fund liquidators Ozem Kassem and Jason Tang to go after a $12.2 million voidable payment made to the owners of the Dyldam construction group. Kassem and Tang were appointed voluntary administrators by Project 1876’s director Maria Fayad on July 1, 2013…


Ghost II INSOL 2017

INSOL 2017 – harbour hosts its share of socials

Hospitality operators who utilise or are located close to Sydney’s greatest natural asset – the harbour – must’ve added some ballast to the balance sheet over the last week as discretionary expenditure spilling from the purses and pockets of the many hundreds of delegates to INSOL 2017 swelled outlays from local accounting and law firms eager to impress foreign colleagues and clients. While SiN doesn’t…


From deed administrator to liquidator: a tough transition?

Deed administrator to liquidator – a transition

When a deed administrator has no more hair to tear then he or she must assess the options – assuming there are any – and act. In the case of still hirsute Helm Advisory principal Stephen Hathway, that has meant embarking on an arduous path through the courts in search of an order that will, if obtained, see his role as administrator of the Plaza West…


Forge Group receivers seek chapter 15 declaration

Forge Group’s Chapter 15 petition dismissed

UPDATED: Friday, March 17 4:15pm – Forge Group’s petition for Chapter 15 relief and a declaration of the Forge Group administration as a foreign main proceeding has been dismissed by the Northern District bankruptcy court in San Francisco. The receivers of Forge Group are confident of resisting the latest legal assault by APR Energy after the Florida-based group advised it had lodged an application in the High Court…


EY scoops up PPB partners

PPB loses finance and property partners to EY

There’s plenty that can be read into the recent decision by Marcus Ayres to move to EY, which the now ex-PPB Advisory partner was happy to confirm. Like why PPB Advisory – post the Litmus merger – appears less attractive to at least some of the partners who’ve been watching the continued growth in informal restructuring? Ayres is seeking a new opportunity, just like colleague…