Judgment

Yeo and Rambaldi’s preference claim Baskett case

Down in bleak city, Pitcher Partners’ Andrew Yeo and Gess Rambaldi have failed in an attempt to reboot a $337,928.27 preference claim after a judge ruled that amendments to their originating process were invalid and the alleged preference recipient was therefore served out of time. The judge laid the blame for the bungle with the liquidators’ lawyers. Yeo and Rambaldi were appointed liquidators of Convector Grain…


Security for costs grab by liquidator fails

Judge rejects liquidator’s grab for security for costs

They like a punt in West Australia which may explain the bold but ultimately unsuccessful bid by FTI Consulting’s Ian Francis for a chunk of cash paid into a court by a company that then went bust. Francis – who in recent years has acted for ANZ against grain farmer and ousted One Nation senator Rod Culleton – was appointed liquidator of EH2015 Pty Ltd via…


Rogue adviser misled liquidator on $56k

“Rogue” adviser misled liquidator over $56k

Well former Vincents partner Peter Dinoris has had no luck in the Court of Appeal, neither has fellow liquidator David Clout and it has also emerged that in earlier proceedings, pre-insolvency adviser Peter John Levis was branded a rogue by Clout’s counsel, Mark Martin QC as well as being accused of lying. The claims are contained in Asden Developments Pty Ltd (in liq) v Dinoris [2017] FCAFC 117, published yesterday by the…


ANZ appointees accused of trespass in SPL bid

Here’s an unholy shemozzle for the Federal Court to exorcise. Two banks, each with multi-million dollar exposures to separate companies within the same group. Four appointees, installed at some point as either receivers or liquidators of various companies within said group. Add the main shareholder and director, who’s defending one bank’s attempts to bankrupt him. Toss in ASIC. Season with allegations that receivers took possession…


DCoT doubts nominee liquidators’ independence

It was back in June that Justice Paul Brereton of the NSW Supreme Court ordered that three Deloitte partners be appointed provisional liquidators of various companies connected to the $165 million Plutus Payroll tax fraud scandal, but it’s his comments in the judgment supporting those orders that might be of interest to readers of SiN. The application to appoint Deloitte’s Tim Norman, Ezio Senatori and Sal Algeri …


Pitchers duo fail to extinguish liability claim

Over in the West this week, Pitcher Partners’ Bryan Hughes and Daniel Bredenkamp failed in their latest attempt to extinguish liability claims being pursued by US energy outfit Blue Sky Offshore Services. The Pitchers pair had applied to the Supreme Court of West Australia for summary judgment against Blue Sky on the basis that its claims against them were not arguable and had no realistic chance…


A franky pyrrhic victory

Wily victory over ASIC frankly pyrrhic

In the public interest SiN has resolved to update Supreme Court of NSW judge Paul Brereton about where the corporate regulator hatches its plots from these days because it transpires that the mother of all Corps List curmudgeons isn’t certain that ASIC has moved from 1 Martin Place. The judge’s recollection of the days when ASIC’s modestly remunerated minions enjoyed awkward silences with Macquarie Bank‘s…


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…


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….


Original Ten DIRRI “substantially deficient”

In the wake of KordaMentha’s application to appoint a special purpose administrator (SPL) to Ten Network Holdings, correspondence obtained by SiN reveals the pressure placed upon the top tier insolvency and restructuring firm by both the corporate regulator and the Australian Restructuring, Insolvency and Turnaround Association (ARITA). In a letter released by the Federal Court, ARITA chief executive officer John Winter urged Ten’s voluntary administrators (VAs) to…