Judgment

ANZ appointees accused of trespass in SPL bid

Here’s an unholy shemozzle for the Federal Court to exorcise. Two banks, each with multi-million dollar exposures to separate companies within the same group. Four appointees, installed at some point as either receivers or liquidators of various companies within said group. Add the main shareholder and director, who’s defending one bank’s attempts to bankrupt him. Toss in ASIC. Season with allegations that receivers took possession…


DCoT doubts nominee liquidators’ independence

It was back in June that Justice Paul Brereton of the NSW Supreme Court ordered that three Deloitte partners be appointed provisional liquidators of various companies connected to the $165 million Plutus Payroll tax fraud scandal, but it’s his comments in the judgment supporting those orders that might be of interest to readers of SiN. The application to appoint Deloitte’s Tim Norman, Ezio Senatori and Sal Algeri …


Pitchers duo fail to extinguish liability claim

Over in the West this week, Pitcher Partners’ Bryan Hughes and Daniel Bredenkamp failed in their latest attempt to extinguish liability claims being pursued by US energy outfit Blue Sky Offshore Services. The Pitchers pair had applied to the Supreme Court of West Australia for summary judgment against Blue Sky on the basis that its claims against them were not arguable and had no realistic chance…


A franky pyrrhic victory

Wily victory over ASIC frankly pyrrhic

In the public interest SiN has resolved to update Supreme Court of NSW judge Paul Brereton about where the corporate regulator hatches its plots from these days because it transpires that the mother of all Corps List curmudgeons isn’t certain that ASIC has moved from 1 Martin Place. The judge’s recollection of the days when ASIC’s modestly remunerated minions enjoyed awkward silences with Macquarie Bank‘s…


Rival's rate suits Ferrier's boss just fine.

Ten Group – Ferriers fellow accepts rival’s rates

Whatever you do, don’t call Ferrier Hodgson’s Peter Gothard the Special Purpose Administrator (SPA) of Ten Network Holdings (TNH). The incumbent’s having none of it. “Peter Gothard is not appointed as an administrator,” Mark Korda said yesterday. “He has been appointed by order of the court to look at whether Gilbert + Tobin and by extension us, KordaMentha, may have been paid a preference. That’s all.” So what should we call…


Rob Naudi move precipitates court application

Liquidator’s departure precipitates mass replacement

An excellent example of the complexities involved in tying up profuse loose ends is usually to be found whenever a liquidator retires, dies, is struck off or, in the case of Adelaide practitioner Rob Naudi, leaves one firm for another. Naudi had been firmly ensconced at PPB Advisory until the top tier decided it couldn’t make a buck in the Hermit State of Comrade Jay and upped stumps….


Original Ten DIRRI “substantially deficient”

In the wake of KordaMentha’s application to appoint a special purpose administrator (SPL) to Ten Network Holdings, correspondence obtained by SiN reveals the pressure placed upon the top tier insolvency and restructuring firm by both the corporate regulator and the Australian Restructuring, Insolvency and Turnaround Association (ARITA). In a letter released by the Federal Court, ARITA chief executive officer John Winter urged Ten’s voluntary administrators (VAs) to…


Receivers’ partial retirement gives VAs hell

There’s nothing like receivers whose retirement from an appointment is only partial to add frisson to the lives of voluntary administrators facing a credit crunch. In the matter of North Queensland Heavy Haulage Services Pty Ltd (Administrators Appointed) [2017]  Federal Court Judge Brigitte Markovic articulates a fundamentally sympathetic view of the plight of McGrathNicol trio Keith Crawford, Bill Harris and Anthony Connelly. The three came before…


SV pair ditch dubious VA

SV Partners pair ditch dubious appointment

Well this might propel skyward even the most obese of eyebrows. In a judgment delivered in April this year but updated yesterday NSW Supreme Court judge Ashley Black recounts the curious tale whereby SV Partners’ Daniel Quinn and Darren Vardy took charge  – albeit briefly – as voluntary administrators (VAs) of Hunter Valley-based Dan Phillips Holdings Pty Ltd. Their appointment came just as a wind…


RSM pair not hooked by fee review.

RSM pair’s fees not disproportionate: Brereton

RSM’s Peter Marsden and Richard Stone have avoided having their remuneration on the Cardinal Project Services administration inducted into the cult of proportionality after one of the concept’s most ardent advocates dismissed a creditor’s application for a fee review. In his judgment of July 12, 2017 Justice Paul Brereton outlined how since their appointment – initially as voluntary administrators (VAs) in 2011 – the RSM…