Liquidations

Cor Cordis forced to adjourn vote on Dyldam deal

A compromise that would’ve seen Ozem Kassem and Jason Tang secure $750,000 to cover their fees and expenses was derailed yesterday when the Australian Tax Office (ATO) demanded that the Cor Cordis partners adjourn the meeting of creditors of Project 1876 Pty Ltd. Voting on the proposal had been scheduled for 11:00am today but SiN understands that the ATO – to which Project 1876 owes…


Vannin deal came after creditors refused FTI

Until the afternoon of September 5, Queensland Nickel’s (QN) general purpose liquidators (GPLs) – John Park, Kelly-Anne Trenfield, Stefan Dopking and Quentin Olde – were stuffed. The FTI four had no money to pursue claims they’d identified as GPLs and no money to cover the liabilities they’d incurred operating the Yabulu Nickel Refinery as QN’s voluntary administrators (VAs). In addition, indemnities provided by the refinery’s controller Clive Palmer prior to…


McCann shrugs off courtroom slur

Grant Thornton’s Queensland chief Mike McCann is no doubt used to the rough and tumble of insolvency and didn’t sound bothered when SiN called yesterday to ask about an allegation raised against him by counsel for Mawson Restructures and workouts Pty Ltd (MWR). McCann told SiN he wished “I was that powerful” when asked if he and his co-appointees had influenced the payments from the…


Judge delivers idyllic solution on fees

With the insolvency profession atremble at the prospect of proportionality, the news that HLB Mann Judd’s Barry Taylor and Andrew Needham have had a tad shy of $542,000 in remuneration approved by a court must be reassuring. On Wednesday the Supreme Court of NSW’s Justice Ashley Black handed down his decision In the matter of Idyllic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and…


Chifley’s Moss nominee SPL in Deloitte conflict

When insolvency practitioners decamp to more rewarding professional pastures, they invariably take with them the seeds of potential conflict. This week it was liquidator David Mansfield applying the round up to a weed that’s sprouted into inconvenient life since he moved to Deloitte in May 2014. In the NSW Supreme Court on Monday lawyers for Mansfield applied for an order to appoint a special purpose…


Breretonism invoked as lien disputed

If it had a spare moment to reflect, the spectre of proportionality would realise Justice Paul Brereton isn’t the only judge it has to thank for the frequency of its invocation. Another recent invokor is the NSW Supreme Court’s Justice Stephen Robb, who last week summoned the liquidator-terrorising shade to cloud the fortunes of David Clout. In the matter: David Lewis Clout in his capacity as Liquidator of Mainz…


Sheahan Lock poised to replace William Buck duo

The foreign creditor seeking to eject Rob Whitton and Brendan Copeland as liquidators of Ridley Capital Holdings (RCH) has lined up John Sheahan and Ian Lock as their replacements, sources have confirmed. California-based Corbis Global applied in the NSW Supreme Court to replace the Williams Buck pair due to differences about how the RCH liquidation should proceed. Corbis, which in November 2015 won judgment against RCH for unpaid fees…


A judge has again expressed concerns about liquidator's fees for a straightforward winding up

100 cents in the dollar but judge questions fees

Some might have missed the remarks of Federal Court Justice Michael Wigney recently, which seemed to convey less than complete satisfaction with Richard Stone’s remuneration after the RSM partner made application for special leave to distribute a surplus generated from the winding up of Goldana Investments. Specifically, the judge seemed concerned about the level of fees when set against the seemingly straightforward nature of the job….


Justice and the law may have to adjudicate on a $500 miliion proof of debt

Octaviar: $500 million proof of debt persists

“We’re talking”. That’s almost all the special purpose liquidator of Octaviar Limited (OL) would say yesterday when SiN phoned to enquire about that mammoth and as yet unresolved proof of debt (PoD) action RSM’s David Kerr holds against OL’s sister company Octaviar Administration (OA). OA is currently in the hands of general purpose liquidators Kate Barnett and Bill Fletcher from Bentleys Corporate Recovery. “We are working at resolving…


Jirsch keeps presses running for Shorten

Less than 24 hours after being appointed liquidator to a printing business in the heart of Tony Abbott’s seat of Warringah, Jirsch Sutherland’s Amanda Young found herself with a problem. It was Saturday morning, June 18 when the power went down at the Roller Poster Company. Everything that required electricity at the company’s rented premises in Brookvale stopped. Including the roller door. But Young, who’d…