March 2018

Merger: PPB and PwC on cusp of consummation?

Maybe the 2016 merger with Litmus was just the beginning for PPB Advisory (PPBA) with SiN’s M&A network revealing that the national consulting, restructuring and insolvency practice founded by Max Prentice, Steve Parbery, and Vince Barilla in 1983 is discussing a merger with PwC. The merger talks – confirmed by well-placed sources – were said to be well advanced but neither firm would confirm or deny the reports when contacted late…


SPLs installed as judge queries funding terms

Sibling liquidators Sule Arnautovic and Amanda Young were having a little trouble yesterday trying to persuade Federal Court Judge Kathleen Farrell to approve a funding deed that will govern $450,000 the Jirsch Sutherland pair are to deploy investigating an alleged phoenix transaction. The funding has been put up by GDK Projects, which on January 21, 2015 won judgment against Umberto Pty Ltd, the former operator of Candelori’s…


PPB pair’s consents preferred for crack at Wolli Creek

Riad Tayeh came within a whisker of a plumb provisional liquidators role yesterday but Steve Parbery and Glenn Livingstone pipped the dVT Group principal at the post. Although late comers, the PPB Advisory pair also vaulted over five others lined up with consents to act as provisional liquidators of NR Wolli Creek, which ANZ placed into receivership in June 2015. The five were EY’s Marcus Ayres and Brett Lord,…


Worrells duo defending DoCA decision

Worrells’ South Australia duo Nick Cooper and Dominic Cantone are preparing for a bare knuckle brawl with Adelaide Brighton Concrete Limited (ABCL) over their endorsement of a Deed of Company Arrangement (DoCA) that is not to the liking of the construction materials behemoth. Cooper and Cantone became deed administrators of the DoCA just before Christmas last year after a brief stint as voluntary administrators (VAs) of ABCL…


PPB wait as Plutus Payroll fraud accused sue insurer

As PPB Advisory’s Glenn Livingstone and Steve Parbery look on in their capacity as provisional liquidators of Synep Pty Ltd, one of the men accused of involvement in Australia’s largest company tax fraud has shown himself to be an optimist if nothing else, having commenced legal action in the Federal Court against the provider of his directors and officers (D&O) insurance policy. Jay Onley, who…


Ides of March toll as appeals fall FEG’s way

In the space of a few weeks in March Australia’s courts have delivered three verdicts that will only embolden the zealous litigators of the Department of Employment’s FEG Recovery Unit, who could hardly have been accused of timidity prior to the fortuitous trifecta of appellant outcomes so recently handed down. The chest thumping would’ve been longest and loudest on Wednesday evening this week after a Full…


Cor Cordis pair overlooked as ATO intervenes

We can’t be certain at this early stage of our Sinvestigation but the recent move by the Deputy Commissioner of Taxation (DCoT) on the incumbent liquidators of Italian Prestige Jewellery bears a passing resemblance to the DCoT’s GST-avoidance case against ABC Refinery. Orders handed down by Justice Brigitte Markovic yesterday in the Federal Court reveal that the DCoT has applied to have “proposed additional liquidators”…


FEG V McGrathNicol could resolve 433 costs questions

If the former receivers of Hastie Services continue resisting Henry Carr and his FEG Recovery Team to the point where their dispute goes to hearing then the insolvency profession at large might derive some benefit, at least in terms of clarity on currently clouded questions as to costs. (Apologies for the absence of an alliteration alert). Carr and his recovery team are adamant that the…


PPB’s preferred picks ousted by BDO duo

PPB Advisory’s lengthy association with the troubled Neolido Holdings ended yesterday and so complete was the severance that the top tier firm was denied even its preferred choice of replacement liquidators. As SiN reported in Collateral Damage: Sparks To Resign From Neolido PPBA partner Grant Sparks applied last week to resign as liquidator of Neolido Holdings in the wake of the misappropriation allegations levelled at his former…


Collateral damage: Sparks to resign from Neolido

Trawling the Supreme Court of Queensland website might not sound a rewarding practice but it’s one way to keep abreast of the continuously evolving story around ex-PPB Advisory partner David Leigh and the $800,000 he allegedly misappropriated from the liquidation account of Neolido Holdings. As SiN recently commented, the circumstances around the misappropriation meant it was always going to be difficult for Neolido’s joint appointee…