April 2017

Wily's resignation problematic for replacements.

ASIC intervenes on Wily resignations

SiN cannot imagine it was intentional but ex-liquidator Andrew Hugh Jenner Wily has – in engineering an 11th hour resignation from 35 creditors voluntary liquidations – cast Macquarie Gordon’s Gus Gordon and Michael Hird adrift on the sea of limbo. Between April 3 and April 6 Wily, whose liquidator’s registration expired on April 24, lodged 35 notices under section 499(5) of the Corporations Act, advising creditors…

No monkeying around: liquidator summons administrators.

Liquidator calls in administrators over tax debt

Is it simply embarrassing for a company director who’s an accountant, registered tax agent, a Fellow of INSOL and a registered liquidator to have to call in administrators, or might the experience also imbue the practitioner with an enhanced sense of the plight of his clients? Only those who know North Queensland insolvency practitioner Justin Cadman well could have a stab at answering but SiN can…

ASIC's Adrian Brown has let his liquidator's registration lapse.

ASIC’s Brown relinquishes liquidator’s ticket

SiN has already reported on the decision by ASIC’s top liquidator cop Adrian Brown to “scale back” his duties to three days a week but there are questions around that that the selectively communicative Brown needs to clarify. ASIC has been running an advertisement for his replacement on SEEK but what kind of replacement will want a job where his or her predecessor is still around, more…

Judge roasts evidence to a Crisp.

Judge toasts Crisp on oral evidence

Jirsch Sutherland’s Glenn Crisp has earned a couple of mentions in recent judgments of the Supreme Court of Victoria and they’ve not been complimentary. In United Petroleum Pty Ltd v Bonnie View Petroleum Pty Ltd (In Liquidation) Justice Maree Kennedy identified Crisp as the only witness during the trial whose evidence raised “credit issues”. The judge was explaining how the hearing had proceeded, relying mainly on documentary evidence. Except…

FEG chief Henry Carr has been meeting with liquidators.

FEG chief open to the “honourable trade on”

The man doing all he can to eliminate complacency around circulating assets and the uses to which they can rightly be put was in Sydney this week, presenting to those most at risk of transgressing his rejuvenated enforcement regime. On Tuesday FEG recovery czar Henry Carr was at the boardroom of John Morgan’s BCR Advisory on Spring Street. It was lunchtime and Carr, who is spearheading the Department of…

Palmer loses fee fight with QNI liquidators

QNI liquidators win latest bout with Palmer

Clive Palmer’s efforts to prevent John Park and his colleagues from FTI Consulting from paying themselves for their time as voluntary administrators (VAs) of Queensland Nickel have come to naught. On Wednesday the Supreme Court of Queensland made an order indemnifying the four FTI Consulting partners from any liability for any negligence, default, breach of trust or breach of duty relating to the payment by…

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….

Conference goers will have plenty to debate in 2017.

Advertorial: Timing propitious for Insolvency Conference

For a second consecutive year SiN is Official Media Partner for Traill & Associates‘ 16th Annual Practical Insolvency Conference and Gala Dinner, to be held on May 1 and 2 at Cockle Bay’s Dockside Centre in Sydney with special PPSA workshops to follow on May 3. Many of SiN’s readers know event organiser Rosie Traill. They’ve attended her conferences and know she’s been organising specialist insolvency…

Appointments offloaded en masse

Wily offloading appointments en masse

When one is defending an application which seeks to have a court enquire into your conduct, dumping insolvency appointments might signal a lack of faith in one’s defence. Unless perhaps you’re preparing to retire? And as it happens, ArmstrongWily principal Andrew Wily finds himself in just such a predicament. The keen angler and pig shooter is currently defending an action brought by the Australian Securities and Investments…

McDonald departs bankruptcy

McDonald follows Wily out of bankruptcy game

Barrister and former liquidator Geoff McDonald is leaving bankruptcy, advising creditors in letters obtained by SiN that he is retiring as a trustee. “I propose to issue a notice to the bankrupt, in a standard form which I have used with many other bankrupts, noting the following,” McDonald said in a letter to creditors of a bankrupt whose estate McDonald has transferred to another trustee. “I…