VA’s & DoCA’s

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…


Veritas and CBA content with Constantinidis

SiN has heard tell of white knights – Senator Bob Day thought he had one several times before conceding otherwise yesterday – but it’s not a role one normally associates with “Piggery” Al Constantinidis. The KPMG alumnus, who sprung to national prominence in the 1990s when he and former Prime Minister Paul Keating fell out over a piggery that went pear shaped, is not renowned…


Grant Thornton counts losses in Arrium aftermath

Social media platforms provide an excellent means by which one can keep track of an insolvency practitioner’s career. Who after all isn’t eager to announce their arrival at a new organisation, particularly if clients haven’t acknowledged the email notifying them of the mobile careerists’s changed circumstances that was sent prior to departing the old firm? And what better or more convenient way to declare one’s…


Ferrier’s pair deny foiling ACN auditors

Ferrier Hodgson partners John Lindholm and George Georges are facing genuine challenges as deed administrators of two entities from the disgraced Victorian education provider Australian Careers Network (ACN) and one of the most significant crystallised last week. Lindholm and Georges have been arguing since shortly after their appointment as voluntary administrators to ACN Group in March that proceedings first brought against group entities Phoenix Institute of Australia…


94 DoCAs Arrium’s only option: Korda Mentha

Having absorbed the enormity of the shambles that is Arrium Mining and Materials (Arrium), voluntary administrators (VAs) Korda Mentha are proposing that the sale of the steel maker and iron ore miner be facilitated through no less than 94 Deeds of Company Arrangement (DoCAs). To this end the VAs have applied to the Federal Court for orders and directions to facilitate putting the proposal to creditors….


Court rejects Denham Constructions DoCA

It was a deed of company arrangement (DoCA) that seemed to offer unsecured creditors little. At the same time it offered the deed administrators much. But first the imminent liquidation of failed builder Denham Constructions had to be stopped. The day before the application to wind up Denham was to be heard before the NSW Supreme Court’s Justice Ashley Black, a secured creditor moved. 5G…


Calabretta cops costs order

Friday drinks might have been a sombre affair for Domenic Calabretta last week after acting justice Reg Barrett of the NSW Supreme Court ordered the Mackay Goodwin principal to pay half the costs that the new board of Condor Blanco Mines incurred having Calabretta’s appointment as voluntary administrator of the ASX-listed entity declared void. Sources in the legal profession estimate Calabretta’s hip pocket will take…


ATO backflip on Plaza West DoCA

Helm Advisory principal Stephen Hathway is currently enjoying the backing of the Australian Tax Office as it reprises its position on Plaza West, a company whose sole director Maria Fayad is the wife of Dyldam co-founder Sam Fayad. On Monday NSW Supreme Court judge Ashley Black heard a strike out motion launched by Ms Fayad. The company is currently subject to a deed of company…


Kordas quits after ARITA intervention

Coincidences, like hurricanes in Hampshire, hardly ever happen so what is to be made of the missive from the Australian Restructuring Insolvency and Turnaround Association (ARITA) about independence and indemnities in light of the almost simultaneous relinquishing of the North West Crane Hire administration by Korda Mentha? On Monday ARITA advised members it had observed an ominous trend. Practitioners appointed as administrators were increasingly accepting…


Comment: Flock of DoCAs to enable Arrium deal

Korda Mentha and its legal advisors will need all their combined knowledge and skill when designing the framework for the flock of Deeds of Company Arrangement (DoCAs) needed to facilitate Arrium Mining and Materials’ eventual sale. Whilst secrecy around the pre-sale process is tighter than that shrouding the Australian submarine contract, SiN hears some details released to registered interests have found their way to a major masthead….