FTI yet to consent to Parbery as SPL

FTI Consulting's Quentin Olde 

AN application to appoint PPB Advisory's Steve Parbery special purpose liquidator (SPL) of Queensland Nickel (QN) has been lodged in the Federal Court but the stricken nickel firm's general purpose liquidators (GPLs) are yet to declare whether they will consent to or contest the move.

Quentin Olde, one of four FTI Consulting partners formerly appointed GPLs to QN on April 27 told SiN yesterday that the company's creditors are also undecided.

"We had a meeting with the committee yesterday (Tuesday) and we're trying to understand their views and concerns and are continuing to work with the applicants to better understand the basis for the application and the extent of the role of the SPL," Olde said.

Creditors are understood to have expressed doubts about the need for an SPL. Nor is it rocket science to conclude that FTI might be underwhelmed with the prospect of PPB nicking its gig. The application's originating process seeks orders which include preventing the GPLs from doing anything specified as a designated, SPL task without first obtaining written consent.

That includes pursuing claims, conducting public examinations, commencing legal proceedings and conducting investigations into any of the matters outlined in the application's supporting affidavit, authored by King & Wood Mallesons' insolvency gun, David Cowling.

Further, FTI's gang of four - Olde, John Park, Stefan Dopking and Kelly-Anne Trenfield - reject any suggestion that they have a conflict of interest with their appointor, which is the usual justification for installing an SPL.

Yet unanswered is the question of why the SPL applicants - The Department of Employment (DoE) and the Commissioner of Taxation (CoT) - won't fund the GPLs.

Lehman creditors encouraged to share the pain

Lehman Borthers Australia
liquidator Marcus Ayres.
Photo courtesy PPB Advisory

YOU know you’re handling a complex liquidation when the best option for satisfying creditors’ claims is one that delivers equality of unhappiness for all.

Lehman Brothers Australia (LBA) is such a liquidation. Since their appointment in 2009 PPB Advisory’s Marcus Ayres and Steve Parbery have dealt with complex financial instruments backed by tainted mortgage pools; multi-jurisdictional legal wrangles; hardball insurance syndicates and class actions mounted by plaintiffs scarred when the aforementioned derivatives exploded.

On Wednesday the liquidators faced LBA creditors assembled at the Bligh Street offices of Clayton Utz to discuss their latest report.