VA’s & DoCA’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…


COPP

ARITA COPP makeover underway before Korda’s call

In correspondence obtained by SiN, Ten Network Holdings’ administrator Mark Korda expressed his view that the ARITA Code of Professional Practice (COPP) required an upgrade if it was to adequately accommodate the realities of modern restructuring, particularly the realities represented by his firm’s work for Ten’s stakeholders in the months prior to its appointment as voluntary administrators (VAs) of the Ten Group. “KordaMentha recognises the important…


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…


Gothard to scrutinise KordaMentha fees

Ferrier’s Gothard appointed Ten SPA

Ferrier Hodgson’s Peter Gothard has been appointed special purpose administrator (SPA) of Ten Network Holdings but in insolvency’s incestuous world of mutual referral, can any of the parties claim to be above the apprehension of bias? Gothard was appointed SPA yesterday by order of Federal Court judge David O’Callaghan. Those orders came after weeks of industry rumbling about the contents of the Declaration of Independence, Relevant Relationships and Indemnities…


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…


Ten VAs head to court

Breaking: Court to rule on Ten VAs independence

Mark Korda, Jarrod Villani and Jennifer Nettleton are due this morning to ask a Federal Court judge to determine if they were sufficiently independent when they accepted the appointment as voluntary administrators (VAs) of Ten Network Holdings and thirteen related entities on June 14, 2017. Sources told Sydney Insolvency News over the weekend that the three KordaMentha partners will make the application in the Federal Court in Melbourne…


Nogueira no plans to challenge Dinoris appointment.

Worrells’ Nogueira pipped by Dinoris

A spat over an appointment has been laid bare in convenient detail after the Deputy Commissioner of Taxation (DCoT) applied to the Federal Court to have ex-Vincents partner Peter Dinoris appointed liquidator of W.D. Hall Pty Ltd in place of incumbent voluntary administrator (VA), Paul Nogueira of Worrells. Freshly minted Federal Court judge Roger Derrington explained in Deputy Commissioner of Taxation, in the matter of W.D. Hall Pty Ltd v…


Mrk Korda needs the CBA to establish a new loan facility

PPB poised as Korda awaits cash

With Ten Group voluntary administrators (VAs) facing a cash crisis by week’s end, the interests in control of the free-to-air broadcaster’s future are expected to reach agreement imminently on a deal that will see a new loan facility extended to VA Mark Korda and PPB Advisory appointed as “partial” receivers. Sources close to the administration revealed yesterday that Ten would be required to make payments on…


Can an online forum influences a creditor's vote?

Internet forum making its mark on Jirsch VA – Update

UPDATE: This article contains material critical of Subbies United and the way it managed its website. Material has since emerged demonstrating that Subbies United was administering its website in order to comply with: -Its terms and conditions; -its obligations under the defamation act; -its obligation under the Privacy Act; -its obligations to not allow publication of incitement to commit criminal acts. The aims and actions…