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…

Hastie liquidators' claims on audit firm losing fat

Hastie: further liposuction on audit claims

PPB Advisory’s Craig Crosbie and his fellow Hastie Group liquidators seem to be fighting a losing battle in their bid to generate recoveries for the creditors of the failed construction firm, and by creditors SiN means Hastie’s banks, they being the only parties with a hope of winning a decent drink from litigation that over the last five years has come to resemble trench warfare. Crosbie is…

Domenic Martino injuncted from acting as QNI controller pending hearing

QNI judge dispenses with Martino “interference”

The four FTI Consulting partners managing the liquidation of Queensland Nickel have had a tidy win in the Supreme Court of Queensland after applying to extend an interlocutory application preventing Domenic Martino and China First Pty Ltd from interfering in the various proceedings the liquidators have on foot against interests associated with QNI’s ultimate owner, Clive Palmer. The FTI four are suing Palmer’s Mineralogy for…

bankruptcy notice served and sent back

Judge tosses out bankruptcy notice served on trustee

The latest judgment trundled out of the courts in response to the lengthy trench warfare between bankruptcy trustee Max Prentice and Coshott family company Fewin Pty Ltd has found that a bankruptcy notice served on the BPS Recovery partner was an abuse of process. In handing down his judgment last week Justice Robert Bromwich of the Federal Court found that Fewin served the notice – relating…

Pittwater sale yet to finalise

Trustee and liquidator at odds over Pittwater pile

With the protagonists saying either not much or nothing at all, SiN will have to wait a little longer to reveal the entirety of the story as it relates to number 14 Prince Alfred Parade, Pittwater, former home of 1980s Chase AMP asset finance guru Mitchell Walter Mazoudier, a surname longtime AMP watchers would be familiar with given the demutualised insurer’s mammoth fall from grace took…

$2 million fee riding on stocktake definition

Korda’s success fee hinges on “stocktake” definition

KordaMentha pair Rahul Goyal and David Winterbottom were present and accounted for in the NSW Supreme Court yesterday as the hearing of Jan Cameron’s bid to deprive the pair of a $2 million success fee entered its second and final day. The Kordas pair and Cameron fell out at some point after she appointed them receivers of DSG Holdings back in 2014. They’d picked up…

Judge roasts evidence to a Crisp.

Judge toasts Crisp on oral evidence

Jirsch Sutherland’s Glenn Crisp has earned a couple of mentions in recent judgments of the Supreme Court of Victoria and they’ve not been complimentary. In United Petroleum Pty Ltd v Bonnie View Petroleum Pty Ltd (In Liquidation) Justice Maree Kennedy identified Crisp as the only witness during the trial whose evidence raised “credit issues”. The judge was explaining how the hearing had proceeded, relying mainly on documentary evidence. Except…

FEG chief Henry Carr has been meeting with liquidators.

FEG chief open to the “honourable trade on”

The man doing all he can to eliminate complacency around circulating assets and the uses to which they can rightly be put was in Sydney this week, presenting to those most at risk of transgressing his rejuvenated enforcement regime. On Tuesday FEG recovery czar Henry Carr was at the boardroom of John Morgan’s BCR Advisory on Spring Street. It was lunchtime and Carr, who is spearheading the Department of…

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….