Restructuring & Insolvency

IG Energy’s former subsidiary has made a claim on a $3.5 million surplus from the administration of IG’s interest in the Callide Power Station in Queensland. 

Ex-Keystone director Paul Chiodo has failed in his fight against subpoenas by receivers over bank statements, despite arguing they were a fishing expedition aimed at clawing back investor funds. 

Ashurst has appointed a new partner to its restructuring and governance practice, nabbing a partner from HWL Ebsworth who represented the receivers of investment platform Brite Advisors.

Liquidators of collapsed Snowdon Developments have reached a settlement with cement supplier Barro Group as part of efforts to claw back payments allegedly made when the Melbourne developer was insolvent.

Family-owned builder Novati Constructions has entered voluntary administration with hopes of reaching a deal with creditors to restructure the company.

Ex-Keystone director Paul Chiodo is fighting a bid to subpoena his personal bank statements, arguing receivers are fishing for potential claims against him as they look to claw back $480 million in investor funds.

Electronics leasing company Thorn Australia has been ordered to indemnify the receivers of Castel Electronics for a $900,000 settlement with the Commonwealth after a failure to account for priority entitlements owed to workers.

Lawyers for Forte Sydney Construction are ceasing to act for the developer, which is being sued by the liquidators of collapsed real estate fund manager iProsperity seeking to recover more than $3 million.

Former Queensland senator Claire Moore has been banned from managing corporations for four years over her role as a director of two gold exploration companies that collapsed after raising $44 million from investors.

The owner of Sydney’s Randwick Racecourse has won its bid for a stay on the appointment of an administrator by regulator Racing NSW, which has raised concerns about a “material uncertainty” in the club’s accounts.