Receivership

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…


No pluses for Minus in chambers sale challenge.

No pluses for Minus in chambers sale challenge

Derek Minus may well be a dispute resolution specialist of the highest order but that does not seem to have helped him resolve his dispute with BPS Recovery’s David Sampson. The pair have been at loggerheads over the sale of Minus’s barrister’s chambers in Castlereagh Street since Sampson was given authority to sell the property in his capacity as court-appointed receiver late last year. In…


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…


$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…


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…


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….


Receivers agree to settle over FEG claims

dVT to settle with FEG as liquidators focus on factorer

In what might prove to be valuable guidance for other insolvency practitioners who’ve fallen foul of the Department of Employment’s (DoE) FEG recovery unit, dVT Group’s Riad Tayeh and David Solomons are about to settle their dispute and SiN has it on good authority that a deal is imminent and could be confirmed as soon as next week. Proceedings were initiated against the pair on October 31,…


FEG’s stretch for trust assets fails

Well this is different. FEG missing out on a slice of pie. It happened after receivers applied for a ruling to determine whether funds generated from a trading trust should be carved up for creditors. In the decision of Amerind Pty Ltd (receivers and managers apptd) (in liq) [2017] VSC 127 (23 March 2017), handed down in the Supreme Court of Victoria last Thursday, the…


Forge Group receivers seek chapter 15 declaration

Forge Group’s Chapter 15 petition dismissed

UPDATED: Friday, March 17 4:15pm – Forge Group’s petition for Chapter 15 relief and a declaration of the Forge Group administration as a foreign main proceeding has been dismissed by the Northern District bankruptcy court in San Francisco. The receivers of Forge Group are confident of resisting the latest legal assault by APR Energy after the Florida-based group advised it had lodged an application in the High Court…


Delnote Constructions receivers sued

Delnote Constructions receivers sued by FEG

The Department of Employment’s Active Creditor Unit (ACU) unit continues to fish for receivers fattened on circulating assets and an amended statement of claim filed last month in the Federal Court shows the ACU’s litigators have Delnote Constructions receivers  Riad Tayeh and David Solomons hooked. The ACU is seeking $323,661.74c from the dVT pair in relation to their work as receivers of Delnote Constructions Pty Limited….