September 2017

Ex-Jirsch partner to pay $115k over failed pub venture

Languishing in a Thai rehab clinic may or may not be a sound basis for defending oneself against a plaintiff intent on recovering impugned payments but either way Sam Henderson has likely discovered by now that he’s been ordered to pay a weighty slab of almost $663,000, awarded to liquidator Mike Smith yesterday In the Matter of Central Management (NSW) Pty Ltd [2017] NSWSC 1258. A former…


Mark Korda speaking to media inside the Banjo Patterson room.

Banjo room rocked as Korda copes with crush

What would Australia’s great bush bard make of the press pack mayhem outside and inside the Banjo Patterson room on Level three of Sydney’s Marriott Hotel yesterday? Perhaps the great man might want a quiet word with Ten Network Holding’s administrator Mark Korda – a man known more for his numerical eloquence – and ask him how a bloody accountant can have cameramen and women, radio…


unwanted and ousted - Veritas Advisory

Phoenix buster representing DCoT as Iannuzzi ousted

When you use your casting vote to defy the wants of the largest creditor and that creditor is the Deputy Commissioner of Taxation (DCoT), expect blowback. In the case of Veritas Advisory principal David Iannuzzi, the blowback manifested in him being ousted from an appointment yesterday. According to orders made in the Federal Court Iannuzzi has resigned, by consent and without admission, as court-appointed liquidator of North…


DIRRI new weapon in war for work?

Many will have seen the somewhat depressing numbers in respective of formal insolvency appointments released by ASIC this week. As that report coincided with SiN being directed by one practitioner to take note of a particular DIRRI issued by rivals, it got us to thinking whether in the desperate clamour for work, the renewed focus on independence brought about by KordaMentha’s pre-appointment activities at the…


Extended TEN hearing prevails despite delays

The hearing into the adequacy of the disclosures contained in KordaMentha’s much-maligned report to the creditors of TEN Network Holdings (TNH) was always going to be run with extreme diligence by Supreme Court Justice Ashley Black. This is not only because SiN suspects that Justice Black conducts every hearing with extreme diligence but because TNH creditors are scheduled to vote on a momentous resolution to…


Former Norton Rose restructuring and insolvency specialists.

Norton Rose departees launch new insolvency firm

While everyone SiN has spoken to about the formation of Assured Legal Solutions assures us that the merger of Henry Davis York and Norton Rose Fullbright has nothing to do with their decision to strike out on their own, SiN is reluctant to attribute Assured’s conception to coincidence, it being the most unreliable of fathers. That said, Assured is open for business on its own…


KordaMentha’s TEN reports ammo for CBS rivals

Mark Korda is probably less than delighted that the recent triumph his co-owned firm engineered via the sale of Arrium has been largely neutered, obscured and in terms of publicity trounced by the TEN Network Holdings (TEN) imbroglio but it didn’t show yesterday, even when the prickly and provocative John Atanaskovic made a seemingly amicable overture. Of course in a room packed with lawyers and journalists, it pays to keep fists…


TEN creditors’ report more grist for PCC mill

First it was the DIRRI. Then the supplementary DIRRI. And now it’s the report to creditors. When it comes to TEN Network Holdings, voluntary administrators KordaMentha can scarcely issue a document that isn’t analysed by TEN’s unsuccessful bidders in the hope that some perceived misstep, omission or flaw will deliver the opportunity they need to reverse the consequences of their own miscalculation. This week we’ve seen…


“dog’s breakfast” spray highlights ILRA divide

Perhaps we can take comfort when the views of the insolvency regulators are diametrically opposed to the views of experts in the industry and academe? After all, isn’t ensuring nobody is happy the secret to successful government? Such were the thoughts that occurred as SiN read the social media commentary issuing forth after September 1, the day the second and final tranche of the Insolvency…


spite allegation in byWily defence team

“element of spite” in ASIC’s bid to rub out Wily

The barrister defending controversial ex-liquidator Andrew Wily against ASIC’s call for a judicial inquiry didn’t hold back yesterday. “There’s an element of spite about this,” barrister Ian Jackman SC told presiding Judge Paul Brereton as he sought to undermine ASIC’s case. “They want public censure,” he said. Jackman’s allegation of a spite motivation was part of a bid to demonstrate why the regulator’s application for a…