Thursday 30 August 2012

Phoenix fund's future going Dodo

IT'S hard to know which is more mythical. The Phoenix – feathered metaphor for perpetual renewal - or successful applications to the Assetless Administration Fund (AAF). 

Launched in 2005 and administered by ASIC, the AAF has been a source of diminishing assistance in recent years.

In 2009/2010, ASIC doled out $3.17 million to insolvency practitioners with no cash and grounds for investigation. The following year they had to manage with $2.84 million. That shrank to $2.16 million in the year just past. AAF allocations prior to 2009/2010 are not made public.

Wednesday 29 August 2012

Palm Beach down one bankrupt thanks to Interpol

Vanessa Morris-Jackson leaving
Federal Magistrates Court.
Photo: SiN Images
IT'S not often the burghers of Palm Beach have Interpol to thank for curtailing their community's recondite colony of bankrupts.

Usually the insolvency trustee's personal insolvency agreements limit bankrupt populations in exclusive suburbs, but this time the world police can take the credit.

And while the restraint is probably temporary, the fact remains that since July, bankrupt British businessman Tony Morris has been prevented from returning to his clifftop mansion on Whale Beach Road thanks to a so-called "red flag" attached to his passport.

The flag's presence is not so surprising. Until recently the UK authorities believed Mr Morris harboured an immoderate passion for the contents of certain British pension funds.

Monday 27 August 2012

Streetscape DOCA open to challenge

Ozem Kassem:
Cor Cordis
TIME is running out for City of Sydney Council to reverse the deed of company arrangement (DOCA) approved at a recent meeting of creditors for the Moses Obeid-controlled firm Streetscape.

Under section 444B of the Corporations Law, a DOCA must be signed by the firm's directors within 15 business days. 

Friday 24 August 2012

Shock bouquet for outcast Ariff

Struck-off and jailed ex-liquidator Stuart Ariff .
STUART Ariff, the disgraced liquidator jailed for milking millions from companies under his administration, has been complimented for professionalism.

The surprise felicitation is contained in a submission to the Senate Economics Committee's inquiry into the post-GFC banking sector.

The author of the submission owned a painting firm in Forbes. In 2005 he and his then wife came under pressure from lender Bankwest

They decided to consult with Taylor Woodings about the possibility of appointing a voluntary administrator (VA).