Wednesday, 28 November 2012

EXCLUSIVE: NRL's Ayliffe facing debt dilemma

NRL judiciary member Royce Ayliffe looks to be headed to the bankruptcy courts over a $40,000 debt.

A creditors petition filed by collection agency ACM Group names David Royce Ayliffe, 56, as the respondent debtor.

At time of publication Ayliffe had not filed a notice of appearance in response so there is still ample time for the dispute to be settled before the December 19 hearing date.

According to ASIC records David Royce Ayliffe, 56, is a director and secretary of specialist maintenance firm Applied Ultrasonics Australia Pty Limited

Wednesday, 21 November 2012

ITSA yet to shake online critic

SOME of the bankruptcy authority's most senior staff are being targeted by an expletive-soaked campaign of online criticism and the personal insolvency police can’t seem to do a thing about it.

SiN understands the Insolvency Trustee Service Australia (ITSA) has repeatedly asked Google to remove

The site - operating on Google's Blogger platform - features profanity-laden allegations of corrupt conduct by ITSA senior management, many of whom are depicted in a series of inelegant cartoons.

SiN understands from sources that the blog's author wants ITSA to chase monies that went offshore with the Mother and sister of a former romantic attachment who the blog author had bankrupted.

misconductatitsa names names, publishes emails and letters, and invites ITSA to duke it out in court. If Google has been asked to remove the site, then the digital behemoth has so far declined.

Thursday, 15 November 2012

Damelian declares bankruptcy - Wily gets the gig.

INSOLVENT auto boss Rick Damelian has declared himself bankrupt, heading off a creditors petition hearing scheduled for next week.

SiN learnt today that the Australian Armenian from Uruguay took matters into his own hands on November 9, appointing Armstrong Wily's Andrew Wily as his trustee in bankruptcy.

Wily told SiN that secured lender NAB would now move to take possession of Damelian's multimillion dollar home at McMahons Point.

Damelian had been scheduled to face a creditors petition hearing next Tuesday brought by Steve Sherman and Jim Sarantinos.

The Ferrier Hodgson duo are receivers appointed to Damelian Automobile Pty Limited.

In August the NSW Supreme Court ordered Damelian to pay almost $1.9 million in outstanding loans to Damelian Automobile, which had been the main trading entity of his once sprawling auto empire.

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Tuesday, 13 November 2012

Receivers move to bankrupt Rick Damelian

A tasty trustee appointment is in the offing after Ferrier Hodgson moved to bankrupt former luxury car czar Rick Damelian.

Lawyers for Ferrier’s Steve Sherman and Jim Sarantinos - the receivers of Damelian Automobile Pty Limited - filed a creditor’s petition in the Federal Magistrates Court on October 26. 

This came after the flamboyant auto dealer failed to comply with a bankruptcy notice ordering him to pay $1.876 million.

The bankruptcy notice was the natural consequence of a Supreme Court judgement handed down in August in which Justice David Hammerschlag was moved to observe that Damelian “was an entirely unsatisfactory witness who gave untruthful evidence.”

The bankruptcy notice was served on Damelian on September 20. His failure to comply or file any sort of cross or counter claim by October 12 triggered the filing of the creditors petition, which will be heard on November 20. 

The receiver’s case is being run by Allen’s insolvency guru John Warde. At time of writing no trustee consent to act declaration had been filed.  

Saturday, 10 November 2012

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.