Discipline

Trustee's carte blanche attitude criticised

Judge admonishes trustee for ‘carte blanche’ attitude

The untidiness continues in relation to the bankrupt estate of Leslie James Young with a Federal Court judge this week dressing down Veritas Advisory’s Louise Thomson for what the judge labelled a carte blanche attitude. That said, the judge also declared that the trustee “behaved appropriately” in seeking to minimise costs and maximise returns for creditors. In the immortal words of chain gang escapee cool hand Luke, “what we…


Corpoate Guardian trawling for buisness

Corporate Guardian differentiating itself from trawlers

With work scarce for many firms all avenues are being explored and major mid-tiers like Jirsch Sutherland are apparently not above scouring the lists of winding up applications for opportunities. What’s interesting is the language employed in communications to the recipients of the dreaded wind-up notice. See an excerpt from the letter below. A letter came across SiN’s desk this week from Jirsch subsidiary, Corporate Guardian addressed to…


Phoenix target Armstrong and Shaw wound up

Advisory at centre of Phoenix probe wound up

Worrells’ Adelaide partner Nick Cooper has moved to wind up a company targeted by the multi-agency Phoenix Taskforce in a series of raids  last year. On February 8 in the Federal Court of South Australia orders were made appointing Pitcher Partners Andrew Yeo and Gess Rambaldi liquidators of Armstrong and Shaw Pty Ltd, one of a group of companies connected to controversial pre-insolvency advisor Philip…


ASIC inquiry

ASIC inquiry into Wily and Hurst branded “Kafkaesque”

Subversive utterances were overheard in the corridors of law yesterday, after ASIC’s application for an inquiring into the conduct of liquidators Andrew Wily and David Hurst ran into resistance at the first directions. The moment he was able, Wily’s barrister Farid Assif leapt to his feet and attacked the form and process of ASIC’s application, demanding it be simplified and insisting that no order could…


Breaking: struck off liquidator avoids gaol

Disgraced former liquidator Mark Darren Levi has been spared gaol time after a judge this morning ordered he serve a sentence of 18 months fully suspended. In June last year, Levi, 43 pleaded guilty to a charge of gaining a benefit by deception. His guilty plea came seven years after he stole $90,000 from a receivership account whilst working in the offices of Jamieson Louttit…


Wife of Stephen Charles Hall replaces him as director

Banned director’s wife takes over

What would banned director Stephen Charles Hall of Burleigh Heads in Queensland do without wife Jodie? When the Australian Securities and Investments Commission (ASIC) banned the pre-insolvency advisor and head of Eagle Business Solutions (EBS) for five years from April 26, 2016 Jodie Lynette Hall stepped in to ensure some of her husband’s companies continued with herself at the helm. There was no saving EBS. It was…


Banned director Stephen Hall spruiking insolvency leads

Banned director Hall spruiking leads for IPs

Remember when the courts banned Gold Coast turnaround advisor Stephen Charles Hall from being a director of a company for five years? It was back in April 2016. The 26th to be precise. ASIC had investigated the prolific cold caller after he got in the ear of company director Brad Streeter and persuaded him that the imminent winding up of his company by the ATO…


Victorian liquidator suspended

CALDB suspends Victorian liquidator

Two weeks before Christmas Melbourne-based insolvency practitioner Stan Traianedes received the most thoughtful of gifts from the Companies Auditors and Liquidators Disciplinary Board (CALDB) – a three year suspension that will allow him ample time to pursue his passion for photography. The Hall Chadwick alumnus – who until his lengthy benching practiced under the name S&Z Insolvency from offices in ritzy Parkville – was hauled before CALDB…


asic launches legal action against liquidators

ASIC asks court to ban Wily and Hurst

The corporate regulator has ensured 2017 starts with a bang by asking the NSW Supreme Court to inquire into the conduct of Armstrong Wily principal Andrew Wily and former partner Dave Hurst in relation to their conduct of liquidations associated with Crystal Car Wash Cafe. Neither defendant was free to comment when contacted by SiN. The full text of the ASIC release follows. ASIC has lodged an…


McGrathNicol queried on McAleese

Given the big banks’ lack of agility in every sector they operate it’s no surprise that their practice of favouring certain insolvency firms is generating angst. Only a select group – Korda Mentha, Ferrier Hodgson, EY, PPB Advisory, PwC and McGrathNicol – consistently get a look in on the lucrative receivership work doled out by the big four and the same goes for the major administrations. One…