June 2017

Litigation funder accused of “collusive” agreement

Andrew Wily’s relinquishing of his liquidator’s ticket is generating some interesting fallout, with an application by one of Wily’s replacements leading to the publication of an eyebrow raising allegation about a litigation funder, courtesy of the judge before whom the application was made. In the matter of City Pacific Limited [2017] NSWSC 784  Justice Paul Brereton of the Supreme Court of NSW included in his judgment a tale that…


Jirsch founder calling it quits on bankruptcy caper

After more than 30 years in corporate insolvency and bankruptcy, Jirsch Sutherland founder Roderick Mackay Sutherland looks to be calling it quits. If three decades of accumulated nous aren’t going to buy you an exemption from the obligation to complete 40 hours a year of continuous professional education, then you may as well cash in. Having already relinquished his liquidator’s registration in early 2016, orders made in the Federal…


Ray Sutcliffe rubbed out for three minimum

ASIC stamps out Victorian liquidator Ray Sutcliffe

The liquidator regulator continues to use non-compliance as a means by which to cull under-performers and this week it was Raymond Anthony Sutcliffe offering up a mea culpa in the form of an enforceable undertaking (EU) that effectively benches the Melbournian for a minimum three years effective from June 28, 2017. According to the ASIC announcement the EU requires Sutcliffe to request that his registration be…


Mrk Korda needs the CBA to establish a new loan facility

PPB poised as Korda awaits cash

With Ten Group voluntary administrators (VAs) facing a cash crisis by week’s end, the interests in control of the free-to-air broadcaster’s future are expected to reach agreement imminently on a deal that will see a new loan facility extended to VA Mark Korda and PPB Advisory appointed as “partial” receivers. Sources close to the administration revealed yesterday that Ten would be required to make payments on…


Can an online forum influences a creditor's vote?

Internet forum making its mark on Jirsch VA – Update

UPDATE: This article contains material critical of Subbies United and the way it managed its website. Material has since emerged demonstrating that Subbies United was administering its website in order to comply with: -Its terms and conditions; -its obligations under the defamation act; -its obligation under the Privacy Act; -its obligations to not allow publication of incitement to commit criminal acts. The aims and actions…


Report reveals insolvencies linked to scam syndicate

Searches of insolvent companies referred to in Pitcher Partners‘ report on the A & S Services Australia Group (ASSAG) have identified at least one insolvency practice whose principals are now assisting regulators probing a multi-million dollar tax evasion scheme allegedly masterminded by former bankrupt Philip Whiteman. Pitcher’s partner and report author Andrew Yeo, who interviewed various individuals connected to ASSAG, said in the report that ASSAG group…


Specualtive demand era may be ending.

Liquidator roasted over speculative demand tactics

Sydney liquidator Gregory Jay Parker may not be presently enamoured of the wisdom of Federal Court judge Michael Lee, at least as it applies to the practice of issuing a speculative demand. This week in The matter of Worldwide Property Services Pty Limited (In Liquidation ACN 066 573 671) the judge included some less than flattering comments about Parker’s optimistic April 13 ex-parte application for an extension of…


Court finds Rabbi wrongfully dismissed

Administrators’ dismissal of Rabbi wrongful

Anthony Elkerton and Ron Dean-Willcocks have run aground in their attempts to make redundant the head of South Head & District Synagogue (Sydney) with NSW Supreme Court Justice Paul Brereton ruling that the administrators’ termination of Rabbi Benzion Milecki’s employment amounted to wrongful dismissal. In the matter of South Head & District Synagogue (Sydney) (Administrators appointed) [2017] NSWSC 823 it’s revealed that the administrators gave the Rabbi notice…


Korda’s TEN DIRRI a gameshow script

Are Mark Korda, Jenny Nettleton and Jarrod Villani planning a game show? One with enough ratings oomph to haul the Ten Network Holdings out of its abyssal fiscal hole and propel it to the summit of profit? This was SiN’s initial inference on reading the Declaration of Independence Relevant Relationships & Indemnities (DIRRI) produced by the three KordaMentha partners, who were appointed voluntary administrators of Ten Network…


Imprudent play attracts judge's admonishment

Hall Chadwick pair imprudent but not unreasonable

A messy little stoush between two registered training organisations that began before Blair Pleash and Kathleen Vouris were appointed liquidators of Get Qualified Australia has concluded with the Hall Chadwick pair spared an order that they pay thousands of dollars in legal fees personally. But in so finding, Federal Court judge Brigitte Markovic was moved to remark on their conduct. “While I have not found…