June 2017

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 tactis

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…


ARITA board no CPA clone when it comes to renewal

With the CPA Australia acid bath showing no signs of dilution – despite the resignations of seven directors in two weeks – nobody should’ve been surprised when John Winter revealed yesterday that the board of the Australian Restructuring, Insolvency and Turnaround Association (ARITA) had been busy plotting a course to a new standard of replenishment and renewal. Addressing attendees at ARITA’s NSW/ACT divisional conference, the ARITA…


Jamieson Louttit is grimly determined in his battle with FEG over fees.

Louttit FOIs FEG in battle over liquidation fees

With final submissions to the Department of Employment’s Reforms to address corporate misuse of the Fair Entitlements Guarantee (FEG) Scheme discussion paper due today, SiN thought it appropriate to revisit the tooth and nail struggle in which Sydney liquidator Jamieson Louttit has been engaged since receiving a $500,000 claim from the Department’s FEG Recovery Unit. The FEG recovery team are of the view that appointees are…


Bloomer imbroglio as DoCA V liquidation fight ensues

It looks like we have an imbroglio of Brobdingnagian dimensions in the matter of Bloomer Constructions, with a major creditor seeking to derail a deed of company arrangement (DoCA) being proposed by the failed building firm’s parent, the ASX-listed but suspended from quotation Onterran. The insolvency practitioners dealing with said imbroglio are Jirsch Sutherland’s Sule Arnautovic and Trent Devine who as Bloomer’s voluntary administrators (VAs) are recommending creditors…


Trust assets question determined in IP's favour

Cor Cordis pair score big on trust assets

The Federal Court has a delivered a wide ranging judgment on the disposal of trust assets by liquidators and receiver/managers that will have the Department of Employment’s FEG recovery unit abuzz as it prepares its appeal to the decision of Amerind Pty Ltd (receivers and managers apptd) (in liq) [2017] VSC 127 (23 March 2017). In Kite v Mooney, in the matter of Mooney’s Contractors Pty…


Deloitte scoops Plutus pool

Deloitte scoops Plutus provisional appointments

The Deputy Commissioner of Taxation (DCoT) has moved swiftly to take control of multiple insolvent entities connected to the alleged $130 million Plutus Payroll fraud and Deloitte partners Eddie Senatore, Tim Norman and Sal Algeri have scooped up what’s likely to be some very securely funded roles as provisional liquidators. On June 6 in the NSW Supreme Court DCoT intervened in a number of winding up…