Scott and Pascoe poised to get Godfrey

PPB Advisory's Andrew Scott
Photo: SiN Images

MURRAY Godfrey, registered liquidator and official liquidator of the NSW Supreme Court and the Federal Court, is facing a creditor’s petition hearing over a $160,000 judgement debt.

The petition application was filed in the Federal Court on Wednesday, October 23. 

Also filed was a consent authority, signed a day earlier by Andrew Scott and Scott Pascoe of PPB Advisory. 

The filings come less than a week after a court dismissed Godfrey's application to have a bankruptcy notice set aside. 

Scott and Pascoe have agreed to act as trustees of Godfrey’s estate in the event the court orders sequestration and Godfrey is bankrupted.

If appointed, Godfrey will be the first Sydney-based insolvency practitioner the pair have on their books. They also manages the affairs of a bankrupt practitioner from Melbourne.

Burke passes Coshott baton to Prentice

BPS Recovery partner
Max Prentice. 

IT was an unusual little meeting at the offices of the Official Trustee in Bankruptcy last month.

There were two private trustees present. A third and fourth attended by proxy. And each was vying to take on the trusteeship of the bankrupt estate of Robert Gilbert Coshott.

Coshott is a former solicitor who was struck off the roll in 1997. He was bankrupted in 2008 on a creditors petition filed by Shipton Lodge Cobbity following a dispute over agistment fees.

Before the meeting on March 21 this year the Official Trustee administered the estate, having taken over from former trustee, John Burke on February 25, 2013.

Burke's resignation was approved after he told the Federal Court personal reasons had compounded the difficulty of managing “a very complex bankruptcy administration”.

Lombe to oust Ozem if Obeid DoCA voided

David Lombe
Photo: Deloitte

DELOITTE's David Lombe is queued to liquidate the Obeid-backed Streetscape Projects if an application before the NSW Supreme Court succeeds.

Filed by major unsecured creditor City of Sydney Council, the application seeks to reverse a controversial deed of company arrangement (DoCA) executed on August 9, 2012 at a meeting of Streetscape’s creditors.

Keddie creditors shedding trustees

Casa Barakat, Roseville Chase
Photo: SiN Images

CREDITORS of the former partners of legal firm Keddies want to slash the number of bankruptcy trustees in a bid to reduce fees - and who can blame a former Keddies client for being a little testy on that topic?

The first step towards paring the four trustees back to one will be taken on December 19 when former partner Tony Barakat submits a proposal for a composition.

The composition - under section 73 of the Bankruptcy Act - comprises an offer by Barakat of $2 million.

Obeid's Streetscape DOCA off to court

The council was not happy when
Ozem Kassem endorsed the Streetscape DOCA.
Photo: Cor Cordis

OZEM Kassem’s decision to vote for a Deed of Company Arrangement (DOCA) in favour of signage firm Streetscape Projects (Australia) Pty Limited could come under scrutiny as the deed is challenged in the courts.

City of Sydney Council, which is Streetscape’s largest creditor with a debt in excess of $17 million, has applied to have the DOCA set aside. A first directions hearing is scheduled for Monday, November 12.

Streetscape was placed in voluntary administration on June 21, 2012 by sole director, Moses Edward Obeid.

At a meeting of creditors on August 9, a numerical majority of creditors voted in support of the deed. However for a DOCA to be passed, a majority of the debt must also be voted in favour.