Receivership

Receivers ruffle as Pie Face falters

The Cayman Islands-based backer of the ailing pie and pastry manufacturer Pie Face has put receivers into one of the three Pie Face entities subject to a deed of company arrangement (DoCA) administered by Sule Arnautovic and Rod Sutherland of Jirsch Sutherland. O’Brien Palmer’s Chris Palmer and Liam Bailey were appointed receivers to manufacturing arm, Pie Face Pty Ltd on October 31. According to the deed of…


PPB’s exemplary sidestep as Oswals settle

This is not just dodging a bullet. This is not even evading the passage of a half-ton projectile fired from the deck of a dreadnought during the battle of Jutland. This is departing ground zero by teleportation a nanosecond before Little Boy. “This” is PPB Advisory’s seeming escape from any adverse findings, possible pecuniary penalties and further negative publicity following the termination of hostilities between…


Receiver challenged after links with referrer arise

SiN cannot identify them but let us take our cue from the Family Court’s in-house anonymisers, who dubbed them Messrs Fuller and Martini in the recent judgment of Sadler & Sadler and Others , a ruling that affirmed their appointment as receivers to a pair of trusts and a superannuation fund at issue in a matrimonial spat. The application to appoint was made by the wife…


Ianuzzi attracts FEG fire over Mentmore

David Ianuzzi is not going to forget his first time as lead receiver anytime soon. In just a few hours in the witness box on Monday the Veritas Advisory principal was forced to admit his treatment of certain debts in the 2014 receivership of Mentmore Pty Ltd had been flawed, that his initial 524 report needed correcting and that the only reason he hadn’t already…


Radhika’s recollection and a suitable boy

Unlike PPB Advisory partner Simon Theobald who has been unable to recall many aspects of the Burrup Fertilisers receivership when quizzed, Radhika Oswal, wife of Burrup founder Pankaj Oswal and a major shareholder in her own right yesterday recalled with distinct clarity how the sum total of her involvement in the company’s affairs was mostly none at all. Appearing in the Supreme Court of Victoria for the…


Theobald branded a “fountain pen” by Oswal’s QC

As was reported earlier this week, PPB partner Simon Theobald was having a devil of time on Monday morning. There he was in the witness box of the Supreme Court of Victoria, unable to recall much about about a veritable welter of internal and external communications sent or received during his tenure as one of three PPB partners appointed as receivers to Burrup Fertilisers Group…


receiver's wretched recall

Receiver’s wretched recall

PPB’s Simon Theobald had another torrid time in the witness box yesterday as counsel for Pankaj and Rhadika Oswal continued to toast the former receiver of Burrup Fertilisers over the Oswals’ claims that in arranging the Burrup sale, PPB failed to adequately consider their interests thereby cheating them out of up to $2.5 billion. It’s a bold counter claim for a couple accused by ANZ…


’tis better to FEG, than to receiver

If any insolvency practitioner remains uncertain as to the intentions of the Department of Employment’s (DoE) Active Creditor Unit (ACU), contemplate the plight of dVT Group’s Riad Tayeh, whose role as receiver of Delnote Constructions has recently been the subject of public examinations in the NSW Supreme Court. Tayeh and dVT colleague David Solomons were appointed receivers of the commercial concreter in November 2014. The appointor was Hermes…


Grant Thornton excoriated over Arrium

HELL hath no fury like a banker denied the voluntary administrator (VA) of his choice, as Grant Thornton’s Paul Billingham discovered during his truncated tenure as VA of Arrium. As a result of accepting the appointment, SiN understands at least four receiverships were lopped from GT’s advisory division in a day. The axe was wielded by Westpac’s restructuring chief Gwyn Morgan, who wanted good mate Peter Andersen’s firm McGrathNicol…


Oswal accuses receiver of throwing colleague “under a bus”

WITH judgement pending on Justice Antony Siopi’s inquiry into the handling of the Burrup Fertilisers receivership, extraordinary allegations made about partners and staff of PPB at the eleventh hour by Martin Goldblatt can now be aired, alongside PPB’s rebuttals. One of the main planks of plaintiff Pankaj Oswal’s pursuit of breach of duty findings against Ian Carson, David McEvoy and Simon Theobald rests on the…