Receivership

Theobald branded a “fountain pen” by Oswal’s QC

As was reported earlier this week, PPB partner Simon Theobald was having a devil of time on Monday morning. There he was in the witness box of the Supreme Court of Victoria, unable to recall much about about a veritable welter of internal and external communications sent or received during his tenure as one of three PPB partners appointed as receivers to Burrup Fertilisers Group…


receiver's wretched recall

Receiver’s wretched recall

PPB’s Simon Theobald had another torrid time in the witness box yesterday as counsel for Pankaj and Rhadika Oswal continued to toast the former receiver of Burrup Fertilisers over the Oswals’ claims that in arranging the Burrup sale, PPB failed to adequately consider their interests thereby cheating them out of up to $2.5 billion. It’s a bold counter claim for a couple accused by ANZ…


’tis better to FEG, than to receiver

If any insolvency practitioner remains uncertain as to the intentions of the Department of Employment’s (DoE) Active Creditor Unit (ACU), contemplate the plight of dVT Group’s Riad Tayeh, whose role as receiver of Delnote Constructions has recently been the subject of public examinations in the NSW Supreme Court. Tayeh and dVT colleague David Solomons were appointed receivers of the commercial concreter in November 2014. The appointor was Hermes…


Grant Thornton excoriated over Arrium

HELL hath no fury like a banker denied the voluntary administrator (VA) of his choice, as Grant Thornton’s Paul Billingham discovered during his truncated tenure as VA of Arrium. As a result of accepting the appointment, SiN understands at least four receiverships were lopped from GT’s advisory division in a day. The axe was wielded by Westpac’s restructuring chief Gwyn Morgan, who wanted good mate Peter Andersen’s firm McGrathNicol…


Oswal accuses receiver of throwing colleague “under a bus”

WITH judgement pending on Justice Antony Siopi’s inquiry into the handling of the Burrup Fertilisers receivership, extraordinary allegations made about partners and staff of PPB at the eleventh hour by Martin Goldblatt can now be aired, alongside PPB’s rebuttals. One of the main planks of plaintiff Pankaj Oswal’s pursuit of breach of duty findings against Ian Carson, David McEvoy and Simon Theobald rests on the…


KPMG’s Templeton wins appeal to have remuneration downgrade reviewed

IT’S taken 12 months but KPMG’s Damian Templeton has – with  King & Wood Mallesons’ help – overturned a September 2014 judgement rejecting his application for a review of an earlier determination slashing his and former partner Phil Hennessy’s remuneration as receivers of the illegal Letten Schemes by $545,000. Last Friday the Court of Appeal set aside a September 2014 judgement of Justice Michelle Gordon (now…


Aerial view of the Burrup Ammonia plant under construction in West Australia.

PPB Fees – Oswal’s expert unwilling to condemn

READ in their entirety, expert witness reports can be turgid affairs. Eye-glazing repetition. Incessant referencing of Acts and Codes. Footnotes even. But when a report’s author is cross-examined in open court and the minutiae of their conclusions surveyed, a more engaging narrative emerges. Barry Raymond Cooke is one such expert. Cooke was engaged by Pankaj Oswal to produce expert witness reports about PPB Advisory’s handling…