Surplus scooped by Pluton liquidators

Pluton liquidators win fight for DoCA surplus

PwC’s Sam Marsden and Derrick Vickers look to have wangled a result from the West Australian Supreme Court in their fight with receivers over a deed fund surplus on the Pluton Resources job. In November last year the pair – in their capacity as Pluton’s liquidators – applied for orders relating to the question of Pluton’s entitlement to $835,021.94, left in a deed fund following…

Detail to bedevil insolvency practitioners in the wake of Sakr Nominees pay claim.

SAKR: Demand for detail to bedevil future fee claims

The process may have been akin to pulling teeth with an auditor present but liquidator Cliff Sanderson has at last obtained court approval for his final fees in the painful winding up of Sakr Nominees. NSW Supreme Court Justice Ashley Black on Monday ruled in favour of Sanderson’s claim for an additional $63,577.80c in fees including GST for the period from November 3 2014 to November…

Banksia fee approval

Banksia Securities: fee claim masterclass

There cannot be too many prominent rulings on insolvency practitioner remuneration that are not invoked at some point In the matter of Banksia Securities Ltd (in liq) (receivers and managers appointed) [2017] NSWSC 540. In approving claims for pay lodged by Banksia’s special purpose receivers (SPRs) – who are also its liquidators – NSW Supreme Court judge Fabian Gleeson has gone a good way to emptying…

Dyldam Group capitulates on $9.23 million ATO debt

Cor Cordis secures fees after Dyldam, ATO settle

It’s been a while coming but with public examinations scheduled for the end of this month it’s no surprise that the colourful figures behind the Dyldam construction group have finally brokered a deal with the Australian Taxation Office (ATO) over a multi-million dollar tax debt. 70 cents in the dollar, with $1 million paid up front and the balance to be handed over in seven months….

Right to success fee falls to receivers

Kordas duo retain right to $2 mill success fee

Pending any appeal from Tasmanian millionaire Jan Cameron, KordaMentha partners Rahul Goyal and David Winterbottom have won the right to a $2 million success fee which formed part of the remuneration they agreed to with Cameron when she appointed the receivers of DSG Holdings. In Bicheno Investments Pty Ltd v David John Winterbottom [2017] NSWSC 536 (9 May 2017) Justice Robert McDougall yesterday dismissed Cameron’s application for…

Applying the proportionality in pay principle to the quesiotn of saving a power station is vexed.

Proportionality in pay principle ignored again

SiN’s sometimes chastised for focussing only on bad news, though we all know that except in the most extraordinary of circumstances – the second coming perhaps – a good news event is no news. Unless it’s an event that overturns bad news. The issue of insolvency practitioner pay has in recent times been a topic that’s seen a major good news event – liquidator Cliff…

Palmer loses fee fight with QNI liquidators

QNI liquidators win latest bout with Palmer

Clive Palmer’s efforts to prevent John Park and his colleagues from FTI Consulting from paying themselves for their time as voluntary administrators (VAs) of Queensland Nickel have come to naught. On Wednesday the Supreme Court of Queensland made an order indemnifying the four FTI Consulting partners from any liability for any negligence, default, breach of trust or breach of duty relating to the payment by…

Jan Cameron offered a success fee. Now she's suing.

Cameron sues Kordas duo over $2 mill success fee

This case pitting Tasmanian businesswoman Jan Cameron against KordaMentha’s David Winterbottom and Rahul Goyal might hold some lessons for other insolvency practitioners taking appointments from unconventional creditors. One lesson might be that when promising one’s appointor to undertake a stock take, count the stock! The other might be that when contemplating an appointment from a secured creditor that’s not a bank or similar, additional due diligence pays….

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…

Receiver rols dice on trust asset indemnity

Judge rules receiver cannot entirely rely on indemnity

After a setback on fees the question may arise as to whether it’s best to cut one’s losses or go double or nothing when the question turns to the extent to which a receiver can rely on the right to an indemnity. Helm Advisory director Adam Preiner recently chose the latter. Acting Supreme Court Judge Reg Barrett yesterday delivered a judgment which illustrates why one should…