Olde trumps Wily despite $25k cap

Andrew Wily
Photo: SiN Images

TAYLOR Wooding’s Quentin Olde has edged out Andrew Wily to be appointed liquidator of Alatus Pty Ltd.

Alatus's director and co-shareholder Edward Mandla had applied to have the company wound up. His liquidator of choice was Olde.

But Stepan Stepanian, who holds the other half share in the company, and is listed as second defendant after Alatus, had other ideas.

Tinkler's notebooks telling no tales - yet

Nathan Tinkler
Photo: SiN Images

LIQUIDATORS Robyn Duggan and John Melluish are playing a long game with slimmed down coal upstart Nathan Tinkler.

The public examinations into the failure of Tinkler's Mulsanne Resources are intended to help the Ferrier Hodgson duo determine if an action for breach of director’s duties is an option.

Whether this will ultimately lead to any recoveries for Blackwood Corporation, the creditor that sought Mulsanne’s winding up and is funding the examinations, is anyone’s guess. But they obviously think the fishing expedition worthwhile.

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.

EXCLUSIVE: Mother who fled hospital aided Obeid in Streetscape stoush

Alan Sullivan QC for City of Sydney Council
Photo: SiN Images

BELINDA Burcham, the woman who sparked a frantic search after vanishing from a Sydney hospital over New Year, allegedly “procured” proxy votes ahead of a critical meeting of creditors of Moses Obeid’s Streetscape Projects.

The meeting, held on August 9, 2012, saw Streetscape avoid liquidation only after voluntary administrator Ozem Kassem used his casting vote as chair of the meeting to break a deadlock between creditors.

Some of those creditors, including known Obeid associates and former employees, voted in favour of a deed of company arrangement (DoCA) proposed by Moses Obeid. The DoCA promises a return to creditors of no more than 3c in the dollar.

Others, including major unsecured creditor City of Sydney Council, wanted Streetscape wound up and a liquidator appointed.

Kassem, as chairman of the meeting was holding creditor proxy votes directed in favour of the DoCA. To break the impasse he voted the proxies endorsing the DoCA.

Bentleys' Barnet examined on viable voidables

Bentleys Katherine Barnet leaving the Supreme Court
Photo: SiN Images

Being cross-examined can’t be fun for any liquidator and Katherine Barnet won't feel like the one who dodged the bullet after fronting the NSW Supreme Court yesterday. 

The insolvency specialist and director at Bentleys Corporate Recovery was brought in to talk about failed property investment group Octaviar.

She began by getting confused about which of the two witness boxes to occupy.

Perhaps the courtroom atmosphere was distracting. It smelt like the aftermath of a prolonged inundation.

Then, having been sworn in and seated, Barnet faced six senior counsel - including Bernie Coles QC.

Along with her Bentleys’ colleague William Fletcher, Barnet is official liquidator of Octaviar Administration Pty Ltd and Octaviar Limited.

BPS Recovery bests regatta rivals

Max Prentice being relieved of his trophy
Photo: SiN Images

FATHER and son team Max and Matt Prentice took the honours last Friday when seafaring numerati assembled for the Institute of Chartered Accountant's regatta.

Max's Ticket of Leave led the way for BPS Recovery, crossing the line first ahead of Eagle Rock, owned by O'Brien Palmer's Bryan Collis and Tonic, carrying BPS partner, Dave Sampson.

The shortened course gave race participants time to rehydrate on board before the official rehydration at the Cruising Yacht Club's bar, an event interrupted briefly by the presentation ceremony.

This was the third time Max has won the trophy, which SiN was assured is much coveted by liquidators. 

For SiN the event was about tapping into what's occupying the minds of accounting's insolvency operators. 

Apparently further regulatory examination, focussing on individual practitioners, is anticipated and as the rum flowed, those likely to be subjects of the inquisitors' inquiries were speculated upon.

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Alcott's consultancy wound up

Errol Alcott.
Photo: Fairfax Media

THE physiotherapist who soothed the sprains of the Australian cricket team for 22 years before moving on to treat Russell Crowe's Rabbitohs is getting deep heat of his own over more than $200,000 in unpaid tax.

Court documents show the Federal Court appointed RMG Partners' Murray Godfrey as liquidator to Errol Alcott Professional Services Pty Ltd on October 19, 2012.

The order followed an application by the ATO in August last year seeking to have the company wound up. The taxman made the application after a statutory demand for $210,447.82c – issued on May 10, 2012 – went unpaid.

Errol Alcott is listed as sole director and shareholder of the company.

The debt comprises amounts for outstanding BAS and income tax stretching back as far as 2008, as well as penalties for failing to lodge income tax returns and accrued interest.

Speaking outside his Caringbah home on Friday, Mr Alcott told SiN the wind-up matter related to personal issues.