Judgment

Thomson first trustee to be referred under new rules

Veritas Advisory might find itself in need of a replacement trustee now that the first AFSA disciplinary committee convened under the new Insolvency Practice rules prepares to determine whether incumbent Louise Thomson should incur any penalty. According to the AFSA website, Thomson was referred under Part 2 of Schedule 2 to the Bankruptcy Act (the Act) after the Inspector-General formed the belief that: “Thomson has failed…

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ASIC inquiry into Sheahan and Lock imminent

When there’s $47 million in cash at stake, cross border insolvency issues and allegations that the disputed funds are proceeds of crime, it’s not surprising that the practitioners involved would fall out but the saga of Cedenco JV Australia/SK Foods Australia is one for the record books. Not only have liquidators John Sheahan and Ian Lock locked horns with receivers Mark Korda and Craig Shepherd during…