Friday 22 July 2011

CBA leave application no problem for Prentice.

VETERAN liquidator and bankruptcy trustee Max Prentice is probably very happy the Commonwealth Bank wants to do the heavy lifting in relation to the King family.

A recent Federal Court judgment okayed an application by the CBA seeking leave to proceed against Gregory Keith King and Kelly Ann King and Mr King's parents in a recovery action in the Supreme Court. Prentice is the younger Kings' bankruptcy trustee.

This is an odd one. The younger Kings had various accounts with CBA, including a home loan account secured by a property in the Sutherland Shire. 

When the younger Kings sold the property they put the proceeds in a CBA term deposit. On maturity they used the proceeds to pay off the home loan account and Mrs King made arrangements to pay what is described in the Federal court judgment as "a slight shortfall". Then the CBA stuffed up.

PPB's dead cat flounce

THE husband paid the agistment expenses. The wife owned the horses. The husband owned the commercial premises in Sydney's west. The wife occupied them. She ran a small legal practice. He covered most of her outgoings. And charged her a dollar a year in rent. Yeah, I know. The sisters just can’t cop a break.

And of course there's more. This is a public examination. PBB's Mark Robinson is the trustee in bankruptcy to the wife's estate. The creditors want gravy. Sydney's queen of insolvency litigation Sally Nash was doing the questioning on Robbo's behalf. As she probed both the husband and afterwards the wife both oozed embarrassment. Messy and protracted is the pursuit of gravy.