November 2017

Help industry favourite struck down by motor neurone

Motor neurone disease is a crushing illness and in the case of registered liquidator and trustee David Shannon, the insidious disease has singled out a victim whose popularity among his insolvency peers cannot it seems be doubted. One of his close friends described him as an outstanding mentor and teacher with an arid sense of humour; a lawyer told SiN he was one of the…


Litigation funder blames Bentleys pair for delay

Listening to the proceedings in Coope Litigation Management (CLM) V Octaviar this week, SiN couldn’t but ponder whether the business of bankrolling litigation might not provide more than sufficient grist for even reality television’s mill. Funding claims oxygenates the flames and on Monday CLM’s arsonist-in-chief Patrick Coope spent much of the day in the witness box at the NSW Supreme Court, hosing down insinuatory spot fires. These were started by…


McCann fends of CRCG-Rimfire VA challenge

Grant Thornton’s Mike McCann and Said Jahani could be in for a wild ride as voluntary administrators (VAs) of failed construction outfit, CRCG-Rimfire Pty Limited after the pair on Monday survived an attempt by creditor activist group Subbies United to replace them with its preferred practitioner, Michael Caspaney of Menzies Advisory. Last night McCann rejected claims from creditors who attended that he had told the first meeting…


Heat’s off Kassem after Dyldam avoids default: Update

UPDATE Monday, November 27, 2017: It appears Ozem Kassem and others referred to below can rest easy, at least for now. SiN can reveal that over the weekend Stephen Hathway  the administrator of the Plaza West deed of company arrangement, received a critical payment under the terms of the DoCA which had been in arrears. The payment followed a threat by Hathway to place the company into…


Chaff flies at Senate rural lending inquisition

The transcripts of the latest session of the Senate inquiry into Lending to Primary Production Customers contain some illuminating insights into perceptions of the insolvency profession. Put simply, a few unfortunate examples of a less than ideal outcome – say a rural property being sold by receivers at a price unlikely to pop corks – seem to have been taken by the Senate Committee as…


First time referrers and mystery Mandarin speakers

The issue of referrals initiated in a foreign language piqued SiN’s interest as we leafed through the Declaration of Independence, Relevant Relationships and Indemnities (DIRRI) sent to creditors of CRCG−Rimfire Ply Limited last week. Grant Thornton’s Mike McCann and Said Jahani picked up the appointment as voluntary administrators (VAs) from Vincent Shi of Hanrick Curran, the company’s external accountants. According to the DIRRI, an unidentified Grant Thornton (GTAL) staffer then…


Tax boss wins access to time sheets in Tinkler fight

In the latest skirmish over the multi-million dollar proceeds of sale of the Patinack Farm properties once owned by Nathan Tinkler, liquidators Neil Cussen and David Mansfield have been ordered to deliver their time sheets to the Commissioner of Taxation (CoT). Following a directions hearing in the NSW Supreme Court on Monday, Justice Paul Brereton ordered the Deloitte duo to produce the time sheets and pay…


Profile: Joe Hayes’ new chapter with Wexted Advisors

Joe Hayes may have left McGrathNicol earlier this year to do his own thing but he is in no hurry to present a particular message to market. After 13 years at one of Australia’s best known specialist insolvency and restructuring practices, Hayes is not sure what the future holds but he knows he’s excited by the uncertainty and by the challenge inherit in launching his…


Bell Group Liquidator negotiates conflict from 2004

The deft management of conflict is a key skill for any registered liquidator and over in West Australia, Tony Woodings is negotiating a minefield of competing interests in the liquidation of the Bell Group of companies. Last week a decision was handed down in the Supreme Court of West Australia that illustrates how past undertakings can come back to bite after Woodings sought directions from…


ASIC inquiry into Sheahan and Lock imminent

When there’s $47 million in cash at stake, cross border insolvency issues and allegations that the disputed funds are proceeds of crime, it’s not surprising that the practitioners involved would fall out but the saga of Cedenco JV Australia/SK Foods Australia is one for the record books. Not only have liquidators John Sheahan and Ian Lock locked horns with receivers Mark Korda and Craig Shepherd during…