Liquidators

unwanted and ousted - Veritas Advisory

Phoenix buster representing DCoT as Iannuzzi ousted

When you use your casting vote to defy the wants of the largest creditor and that creditor is the Deputy Commissioner of Taxation (DCoT), expect blowback. In the case of Veritas Advisory principal David Iannuzzi, the blowback manifested in him being ousted from an appointment yesterday. According to orders made in the Federal Court Iannuzzi has resigned, by consent and without admission, as court-appointed liquidator of North…


spite allegation in byWily defence team

“element of spite” in ASIC’s bid to rub out Wily

The barrister defending controversial ex-liquidator Andrew Wily against ASIC’s call for a judicial inquiry didn’t hold back yesterday. “There’s an element of spite about this,” barrister Ian Jackman SC told presiding Judge Paul Brereton as he sought to undermine ASIC’s case. “They want public censure,” he said. Jackman’s allegation of a spite motivation was part of a bid to demonstrate why the regulator’s application for a…


Court backs hourly-based claim, slams ILRA transition

When the planets align, the wind blows fair and the detail is both accurate and abundant, the dispensers of justice are happy to approve liquidator remuneration claims on the basis of hourly rates without recourse to the inherently fee-reductive principles of proportionality. In the latest instalment in the growing genre of judgments spawned by Sakr Nominees Pty Limited [2017] NSWSC 668 Ferrier Hodgson partner George Georges has…


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…


Was it Worrells duo’s ‘inadvertence’, or ASIC’s?

Worrells pair Nathan Deppeler and Nick Cooper have at last put their brief stint as unwittingly unregistered liquidators behind them and Federal Court Judge David O’Callaghan has disclosed in his recently published reasons the difficulties in hearing an application from the pair when they were technically unregistered. As Justice O’Callaghan pointed out in his opening, “Their registrations as liquidators expired earlier this year because, through inadvertence,…


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…


Judge orders review of Mackay Goodwin fees

Nursing a broken hand under a black wool sock, liquidator Graham Ward endured more than an hour of cross-examination last Friday, courtesy of a company director seeking to claw back a chunk of the $165,000 in remuneration, expenses and disbursements that Ward and his Mackay Goodwin partner Domenic Calabretta have charged as administrators and liquidators of Securimax Pty Ltd. “There has been a very substantial transfer of…


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…


Dopking

And then there were three – Dopking departs FTI

It’s not often that a liquidator confirms that three liquidators will suffice on a job that for 18 months has required four but FTI Consulting’s John Park did so yesterday in response to a query from SiN about his colleague and fellow general purpose liquidator (GPL) of Queensland Nickel, Stefan Dopking. “Correct. Three GPL’s all that is needed. Cheers John”, Park said by way of a…


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…