Liquidations

Office of State Revenue staff erroneously made company a corporate trustee

Office of State Revenue error forced Cussen to court

There’s nothing like a howler in official government documentation – in this instance from the NSW Office of State Revenue – to disrupt the straightforward process of asset disposal, as Deloitte’s Neil Cussen learned in the curious case of Zerren Pty Ltd. Cussen was appointed liquidator of Zerren in June 2014 following an application by the Chief Commissioner of State Revenue to wind up the…


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…


SPL's getting big bucks to freeze assets.

FEG all in on QNI spend as SPLs look to freeze assets

Judging by the most recent accounts and statement of Queensland Nickel’s special purpose liquidators (SPLs), Henry Carr will authorise hefty expenditures if he thinks the odds favour a result. Between December 2016 and March 2017  the Fair Entitlements Guarantee (FEG) Scheme recovery czar okayed the transfer of about $2.53 million from the coffers of the Federal Department of Employment’s (DoE) to PPB Advisory’s Steve Parbery and Michael Owen who were appointed as…


Plutus labour hire link sees RSM examine Jirsch pair

There’ll no doubt be a limit to the length of the tentacles attaching to the Plutus Payroll labour hire fraud saga but at the moment the Australian Tax Office’s (ATO) biggest scandal continues to impress with its reach. It was only about a week ago that The Australian newspaper reported that Metcash may have been stung by Plutus-aligned entities in the form of small labour hire firms headed…


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…


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…


Solar stoush not easy to shift

Oral agreement licks bid to shift solar stoush

A bid by Deloitte pair David Lombe and Robert Woods to transfer their stoush with solar cell installer Massive Solar (MS) from Sydney to Melbourne has failed after a judge concluded that “the interests of justice require that the proceedings continue in this Court.” Lombe and Woods were appointed liquidator to Inverter Solar (IS) by order of the Supreme Court of Victoria on July 13, 2016….


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…


Judge cuts EY partner’s “disproportionate” claim

Henry Kazar received a less than ideal send off to the financial year thanks to Justice John Griffiths, who on June 30 decided that the EY partner’s claim for $64,390.50 was coming it a trifle high given Kazar and his team laboured for years to engineer a land sale that raised all of fifty grand. Kazar applied to the Federal Court in April of this year to have…


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…