Corporates

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…


Another director’s pick flicked by subbies

Subbies United, the online sub-contractors collective assisting unsecured creditors in construction and related industry insolvencies, has flexed its muscles again. At the first meeting of creditors of Queensland One Homes Pty Ltd yesterday, Anne-Marie Barley found herself with little choice but to relinquish her role as liquidator after a vote to replace her was carried by the numbers three to one. Assuming the mantle was Menzies…


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…


Resolve hopes to disrupt anad dominate

Resolve looking to disrupt and dominate

A trio of entrepreneurs is preparing to shake up the established model of distressed asset sales by launching Resolve, an online platform designed to effect transactions between insolvency practitioners and distressed asset investors on a secure digital exchange. The three Melbournians – Edward Scott, and brothers Simon and Andrew Plummer – see an opportunity to recreate the existing process by which practitioners with assets to sell…


Korda’s TEN DIRRI a gameshow script

Are Mark Korda, Jenny Nettleton and Jarrod Villani planning a game show? One with enough ratings oomph to haul the Ten Network Holdings out of its abyssal fiscal hole and propel it to the summit of profit? This was SiN’s initial inference on reading the Declaration of Independence Relevant Relationships & Indemnities (DIRRI) produced by the three KordaMentha partners, who were appointed voluntary administrators of Ten Network…


Ghost II INSOL 2017

INSOL 2017 – harbour hosts its share of socials

Hospitality operators who utilise or are located close to Sydney’s greatest natural asset – the harbour – must’ve added some ballast to the balance sheet over the last week as discretionary expenditure spilling from the purses and pockets of the many hundreds of delegates to INSOL 2017 swelled outlays from local accounting and law firms eager to impress foreign colleagues and clients. While SiN doesn’t…


Comment: Flock of DoCAs to enable Arrium deal

Korda Mentha and its legal advisors will need all their combined knowledge and skill when designing the framework for the flock of Deeds of Company Arrangement (DoCAs) needed to facilitate Arrium Mining and Materials’ eventual sale. Whilst secrecy around the pre-sale process is tighter than that shrouding the Australian submarine contract, SiN hears some details released to registered interests have found their way to a major masthead….


Sheahan Lock poised to replace William Buck duo

The foreign creditor seeking to eject Rob Whitton and Brendan Copeland as liquidators of Ridley Capital Holdings (RCH) has lined up John Sheahan and Ian Lock as their replacements, sources have confirmed. California-based Corbis Global applied in the NSW Supreme Court to replace the Williams Buck pair due to differences about how the RCH liquidation should proceed. Corbis, which in November 2015 won judgment against RCH for unpaid fees…


Arrium administrators axe Edler

You know a voluntary administration (VA) is progressing – hopefully in the direction intended – when the company secretary is no longer needed. At least that’s how Arrium’s VAs from Korda Mentha are spinning the departure of Mark Edler, with a spokesman confirming yesterday that there is: “No need to replace (the company secretary) at this stage of the process …. the sales campaign is…


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…