Receivership

Jan Cameron offered a success fee. Now she's suing.

Cameron sues Kordas duo over $2 mill success fee

This case pitting Tasmanian businesswoman Jan Cameron against KordaMentha’s David Winterbottom and Rahul Goyal might hold some lessons for other insolvency practitioners taking appointments from unconventional creditors. One lesson might be that when promising one’s appointor to undertake a stock take, count the stock! The other might be that when contemplating an appointment from a secured creditor that’s not a bank or similar, additional due diligence pays….


Receivers agree to settle over FEG claims

dVT to settle with FEG as liquidators focus on factorer

In what might prove to be valuable guidance for other insolvency practitioners who’ve fallen foul of the Department of Employment’s (DoE) FEG recovery unit, dVT Group’s Riad Tayeh and David Solomons are about to settle their dispute and SiN has it on good authority that a deal is imminent and could be confirmed as soon as next week. Proceedings were initiated against the pair on October 31,…


FEG’s stretch for trust assets fails

Well this is different. FEG missing out on a slice of pie. It happened after receivers applied for a ruling to determine whether funds generated from a trading trust should be carved up for creditors. In the decision of Amerind Pty Ltd (receivers and managers apptd) (in liq) [2017] VSC 127 (23 March 2017), handed down in the Supreme Court of Victoria last Thursday, the…


Forge Group receivers seek chapter 15 declaration

Forge Group’s Chapter 15 petition dismissed

UPDATED: Friday, March 17 4:15pm – Forge Group’s petition for Chapter 15 relief and a declaration of the Forge Group administration as a foreign main proceeding has been dismissed by the Northern District bankruptcy court in San Francisco. The receivers of Forge Group are confident of resisting the latest legal assault by APR Energy after the Florida-based group advised it had lodged an application in the High Court…


Delnote Constructions receivers sued

Delnote Constructions receivers sued by FEG

The Department of Employment’s Active Creditor Unit (ACU) unit continues to fish for receivers fattened on circulating assets and an amended statement of claim filed last month in the Federal Court shows the ACU’s litigators have Delnote Constructions receivers  Riad Tayeh and David Solomons hooked. The ACU is seeking $323,661.74c from the dVT pair in relation to their work as receivers of Delnote Constructions Pty Limited….


Receiver rols dice on trust asset indemnity

Judge rules receiver cannot entirely rely on indemnity

After a setback on fees the question may arise as to whether it’s best to cut one’s losses or go double or nothing when the question turns to the extent to which a receiver can rely on the right to an indemnity. Helm Advisory director Adam Preiner recently chose the latter. Acting Supreme Court Judge Reg Barrett yesterday delivered a judgment which illustrates why one should…


Pitcher Partners latest to take a slice of Pluton

Pitchers pair latest to take a piece of Pluton

Pitcher Partners West Australia’s Bryan Hughes and Daniel Bredenkamp weren’t going to make the mistakes of their predecessors when approached to act as joint receiver managers of what might almost be described as the perpetually resuscitated Pluton Resources. Guided by the less than satisfactory experience of three KordaMentha partners who retired from Pluton in 2015 and are now being sued, the Pitchers pair told their appointor…


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…


Pie Face liquidation exposes FEG limitations

Pie Face Pty Ltd deed administrator Sule Arnautovic will today recommend that creditors place the fast food maker into liquidation after secured lender TCA Global declined to tip in up to $3.5 million for employee entitlements and instead installed a receiver ahead of a planned sale of the business. In a report sent to to creditors last week the Jirsch Sutherland partner said the decision…


FEG: keen to fund but beware priority creditors

FEG is keen to fund, attendees to the Australian Restructuring Insolvency & Turnaround Association’s (ARITA) NSW/ACT divisional conference heard yesterday. The head of the Department of Employment’s active creditor unit, who is charged with recovering as much as possible of every dollar doled out to employees of failed companies via the taxpayer-backed Fair Entitlements Guarantee Scheme (FEG), said yesterday that within limits, even smaller matters could be…