Fees

Failed partnership triggers claim and counter claim

Liquidators sue each other over failed partnership

A dispute over dollars is shedding light not only on the kinds of partnership arrangements liquidators are inclined to enter into when working together but also on the amount of coin mid-tier practitioners pocket. The protagonists are dVT’s Antony Resnick and Chifley Advisory’s Gavin Moss who are disputing entitlement to monies following the collapse of relations and the termination of a Memorandum of Understanding (MOU) the…


The Hooters House

Judge halves fees on Hooters’ house sale

Sydney liquidator Adam Preiner has had a claim for $124,065.70 in remuneration claim halved, with a judge this week ruling that the Helm Advisory director’s right to take his fees and expenses from the assets of corporate trustee Minmxt Holding was not superior to the rights of caveators, whose cooperation Preiner had been forced to secure before he could sell the trust’s only asset. Preiner took…


FEG fee offensive

Liquidators react to FEG fee offensive

The insolvency grapevine – always well fertilised – is blossoming as the Department of Employment’s FEG Recovery Unit progresses its offensive against liquidators whom it regards as having inappropriately levied general liquidation expenses against circulating asset realisations. ARITA chief John Winter yesterday confirmed that many of the organisation’s members had voiced concerns about the FEG fee offensive and the approach taken by FEG recovery czar and chief…


Penrice Soda liquidators claw back ATO preferences

McGrathNicol claws back ATO preferences

It’s no great stretch to imagine that the biggest creditor in the nation might also be the biggest beneficiary of preferences, irrespective of the fact that Australia’s biggest creditor knocks off each day nine minutes earlier than the average clock watcher. What’s that about? Beating the afternoon rush? For insolvency practitioners, tackling the Australian Tax Office (ATO) over preferences can be fraught. Like any other…


Bankruptcy trustee preserves his indemnity

Yachting bon vivant evades impact of costs

BPS Recovery’s Max Prentice has dodged a major blow in the Federal Court, with a judge yesterday ordering he pay 70 per cent of the costs of a creditor who challenged his handling of a meeting of creditors of former bankrupt and struck off solicitor Robert Coshott but declining to make an order that Prentice be precluded from utilising his right to be indemnified for those costs…


FEG letters

FEG letters spoiled Christmas for some

On December 19 last year the industrious litigators heading the Fair Entitlements Guarantee (FEG) Recovery Program got the two things they must’ve wanted most. A Commonwealth decree declaring their pilot program permanent, and more funding. At around the same time, a number of liquidators received correspondence from the FEG Recovery team. Apparently the letters – authored SiN understands by Arnold Bloch Leibler – requested that…


Coshott trustee's Christmas treat

Indemnity costs a Christmas treat for trustee

Bankruptcy trustee Max Prentice might have more to smile about than usual this Christmas after long time nemesis Fewin Pty Ltd and members of the associated Coshott family abandoned their action against the BPS Recovery partner and against ex-trustee in bankruptcy John Burke in the Federal Court. On Tuesday Fewin Pty Ltd, Ljiljana Coshott, and her husband Robert Gilbert Coshott were granted leave to discontinue proceedings which had been the…


Korda Mentha earning $1 million per week

Kordas clinching $1 mill a week on Arrium

Billing $1 million a week in remuneration suggests a truly frenetic degree of activity has attended KordaMentha’s attempts to rescue stricken steel maker Arrium. Either that, or salaries offered to lure sufficient quantities of number crunchers to handle this complex and politically fraught appointment are at the top of the range or, given the fact the initial team has since contracted substantially, the appointees themselves…


Receivers' fees not liable to cap: judge

Ross and Albarran reject cap on fees

Meanwhile in Victoria, the Supreme Court has tossed up a lengthy judgment cataloging the continuing efforts of Hall Chadwick’s David Ross and Richard Albarran to secure more than $200,000 in fees and expenses they argue have been owing since 2012. In Ross v Gippsreal [2016] VSC 753, the Hall Chadwick pair claim they are owed the money by their appointor, Gippsreal in respect of fees…


$550 per appointment: new ASIC funding model

Electronic communications are like confetti – uncontrollable once released – and it didn’t take long before details from yesterday’s meeting between ASIC, Treasury and ARITA to began appearing in SiN’s inbox. The meeting was arranged to discuss the controversial liquidators’ levy. To recoup the $9 million per annum ASIC says it spends regulating registered liquidators, the regulator has proposed that practitioners pay a fee of…