Receivership

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…


Pitcher Partners latest to take a slice of Pluton

Pitchers pair latest to take a piece of Pluton

Pitcher Partners West Australia’s Bryan Hughes and Daniel Bredenkamp weren’t going to make the mistakes of their predecessors when approached to act as joint receiver managers of what might almost be described as the perpetually resuscitated Pluton Resources. Guided by the less than satisfactory experience of three KordaMentha partners who retired from Pluton in 2015 and are now being sued, the Pitchers pair told their appointor…


Receivers' fees not liable to cap: judge

Ross and Albarran reject cap on fees

Meanwhile in Victoria, the Supreme Court has tossed up a lengthy judgment cataloging the continuing efforts of Hall Chadwick’s David Ross and Richard Albarran to secure more than $200,000 in fees and expenses they argue have been owing since 2012. In Ross v Gippsreal [2016] VSC 753, the Hall Chadwick pair claim they are owed the money by their appointor, Gippsreal in respect of fees…


Pie Face liquidation exposes FEG limitations

Pie Face Pty Ltd deed administrator Sule Arnautovic will today recommend that creditors place the fast food maker into liquidation after secured lender TCA Global declined to tip in up to $3.5 million for employee entitlements and instead installed a receiver ahead of a planned sale of the business. In a report sent to to creditors last week the Jirsch Sutherland partner said the decision…


FEG: keen to fund but beware priority creditors

FEG is keen to fund, attendees to the Australian Restructuring Insolvency & Turnaround Association’s (ARITA) NSW/ACT divisional conference heard yesterday. The head of the Department of Employment’s active creditor unit, who is charged with recovering as much as possible of every dollar doled out to employees of failed companies via the taxpayer-backed Fair Entitlements Guarantee Scheme (FEG), said yesterday that within limits, even smaller matters could be…


Receivers ruffle as Pie Face falters

The Cayman Islands-based backer of the ailing pie and pastry manufacturer Pie Face has put receivers into one of the three Pie Face entities subject to a deed of company arrangement (DoCA) administered by Sule Arnautovic and Rod Sutherland of Jirsch Sutherland. O’Brien Palmer’s Chris Palmer and Liam Bailey were appointed receivers to manufacturing arm, Pie Face Pty Ltd on October 31. According to the deed of…


PPB’s exemplary sidestep as Oswals settle

This is not just dodging a bullet. This is not even evading the passage of a half-ton projectile fired from the deck of a dreadnought during the battle of Jutland. This is departing ground zero by teleportation a nanosecond before Little Boy. “This” is PPB Advisory’s seeming escape from any adverse findings, possible pecuniary penalties and further negative publicity following the termination of hostilities between…


Receiver challenged after links with referrer arise

SiN cannot identify them but let us take our cue from the Family Court’s in-house anonymisers, who dubbed them Messrs Fuller and Martini in the recent judgment of Sadler & Sadler and Others , a ruling that affirmed their appointment as receivers to a pair of trusts and a superannuation fund at issue in a matrimonial spat. The application to appoint was made by the wife…


Ianuzzi attracts FEG fire over Mentmore

David Ianuzzi is not going to forget his first time as lead receiver anytime soon. In just a few hours in the witness box on Monday the Veritas Advisory principal was forced to admit his treatment of certain debts in the 2014 receivership of Mentmore Pty Ltd had been flawed, that his initial 524 report needed correcting and that the only reason he hadn’t already…


Radhika’s recollection and a suitable boy

Unlike PPB Advisory partner Simon Theobald who has been unable to recall many aspects of the Burrup Fertilisers receivership when quizzed, Radhika Oswal, wife of Burrup founder Pankaj Oswal and a major shareholder in her own right yesterday recalled with distinct clarity how the sum total of her involvement in the company’s affairs was mostly none at all. Appearing in the Supreme Court of Victoria for the…