Articles by Peter Gosnell

Cor Cordis’ Kassem sweating on Dyldam default

By close of business this afternoon Stephen Hathway should know whether or not he’ll be summoning Ozem Kassem and various other insolvency peers for public examination come the New Year. Hathway is administrator of the deed of company arrangement (DoCA) keeping Plaza West Pty Ltd – a development vehicle formerly controlled by the Dyldam construction group – out of liquidation. Today marks the deadline for payment of an already…


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…


PPB preparing to tread on Deloitte’s Plutus patch

Early next month a series of contested interlocutory applications will be heard that could see PPB Advisory’s Steve Parbery and Glenn Livingstone surf in on what until now has been Deloitte’s exclusive turf – the web of entities linked to the alleged $130 million Plutus Payroll PAYG fraud. On Monday, the NSW Supreme Court heard that Synep Pty Limited – the company at the head of the…


SiNful recruitment segues at ANZ and NAB

There’s been some movement at the senior level in the lending and strategic business services divisions of ANZ and NAB, the details of which SiN is delighted to divulge. First up is Tim Bezencon, the soon to be former group general manager of lending services at ANZ who is returning to familiar territory when he takes up the role of chief risk officer, institutional banking at…


DoE sues McGrathNicol foursome for $3 million

These days the term Disruption brings to mind new digital-based business models, demolishing the foundations of commerce with fiendishly clever and wholly amoral algorithms – but as the proceedings launched recently by the Department of Employment (DoE) against McGrathNicol demonstrate, disruption can be about new law, and the will to execute. Late last month the DoE filed a statement of claim in the Federal Court alleging breaches of…