Deals & Departures

Rob Naudi move precipitates court application

Liquidator’s departure precipitates mass replacement

An excellent example of the complexities involved in tying up profuse loose ends is usually to be found whenever a liquidator retires, dies, is struck off or, in the case of Adelaide practitioner Rob Naudi, leaves one firm for another. Naudi had been firmly ensconced at PPB Advisory until the top tier decided it couldn’t make a buck in the Hermit State of Comrade Jay and upped stumps….

Patinack Farm sold by liquidators for $25 million.

Liquidators offload Tinkler’s Patinack assets

He might be banned from managing corporations and bankrupt to boot but Nathan Tinkler can still rely on his mate Gerry Harvey to agree to a round of golf, thanks in part perhaps to the efforts of Deloitte restructuring guru Neil Cussen. Cussen revealed yesterday that he and colleague David Mansfield had sold the last property holdings attaching to Tinkler’s former horse breeding and agistment business Patinack…

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…

Litigation funder accused of “collusive” agreement

Andrew Wily’s relinquishing of his liquidator’s ticket is generating some interesting fallout, with an application by one of Wily’s replacements leading to the publication of an eyebrow raising allegation about a litigation funder, courtesy of the judge before whom the application was made. In the matter of City Pacific Limited [2017] NSWSC 784  Justice Paul Brereton of the Supreme Court of NSW included in his judgment a tale that…

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…

McGrathNicol hits the eject button from South Australia

McGrathNicol exiting South Australia

Maybe it says something about Jay Weatherill’s Government in South Australia that even the insolvency operators are struggling. The latest victim of Comrade Jay’s new age Leninism appears to be McGrathNicol, which well placed sources advise will close its doors on Level 26, 91 King William Street in the city of churches before the lease there expires on June 30. Of course blaming the South…

Tightrope: “European way” unravels on eve of hearing

After four years of near Spartan resistance, Stephen Hathway has unexpectedly extracted a settlement from the family behind the failed, cheap-as-chips girls wear outfit, Tightrope  group. On Monday, orders were made by consent between Hathway as liquidator of Tightrope Retail and Tightrope Wholesale and Robyn Tripolitis, wife of bankrupt company founder John Tripolitis. Those consent orders came on the eve of the scheduled commencement of a…

Dyldam Group capitulates on $9.23 million ATO debt

Cor Cordis secures fees after Dyldam, ATO settle

It’s been a while coming but with public examinations scheduled for the end of this month it’s no surprise that the colourful figures behind the Dyldam construction group have finally brokered a deal with the Australian Taxation Office (ATO) over a multi-million dollar tax debt. 70 cents in the dollar, with $1 million paid up front and the balance to be handed over in seven months….

ASIC's Adrian Brown has let his liquidator's registration lapse.

ASIC’s Brown relinquishes liquidator’s ticket

SiN has already reported on the decision by ASIC’s top liquidator cop Adrian Brown to “scale back” his duties to three days a week but there are questions around that that the selectively communicative Brown needs to clarify. ASIC has been running an advertisement for his replacement on SEEK but what kind of replacement will want a job where his or her predecessor is still around, more…

McDonald departs bankruptcy

McDonald follows Wily out of bankruptcy game

Barrister and former liquidator Geoff McDonald is leaving bankruptcy, advising creditors in letters obtained by SiN that he is retiring as a trustee. “I propose to issue a notice to the bankrupt, in a standard form which I have used with many other bankrupts, noting the following,” McDonald said in a letter to creditors of a bankrupt whose estate McDonald has transferred to another trustee. “I…