Restructuring & Insolvency

Receivers for Jon Adgemis' Public Hospitality Group are planning to put the South Bondi Hotel on the market by the end of the year.

A judge has refused to join the ATO as an interested party to a case over the receivership of investment platform Brite Advisors, after the receivers worried they could be on the hook for $75.4 million in capital gains tax. 

KMPG partner John Lindholm has escaped a potential probe into his decision to endorse a settlement in the scandal-ridden Banksia Securities class action as the receiver for the collapsed lender.

ASIC has secured winding up orders against Gold Coas- based ALAMMC Developments and a number of related companies amid concerns the property developer mismanaged millions of investors funds.

The liquidator for collapsed property developer Monarch Tower has lost its appeal seeking an extension of time to bring voidable transaction claims said to be worth $27 million against 13 individuals and companies.

A judge has questioned whether an investor in failed Banksia Securities can bring a case against a court-appointed receiver over his support for a class action settlement later found to involve deception by a team of lawyers. 

The receiver for Banksia Securities — the failed lender at the centre of a scandal-ridden class action — has argued a new case accusing him of serious misconduct is vexatious and wants a court to release him from the claims.

Builder Shinetec has argued $48 million paid to the developer of a $185 million project in Sydney by Bank of China under a standby letter of credit was money it lent to the collapsed developer, with a judge seeming to agree the sum would otherwise be a windfall.

A judge has declined a creditor’s bid to wind up Victorian builder Roberts Construction Group, finding that the application relied on a “very modest” debt and involved a solicitor’s email “cast in threatening terms”. 

Sydney pub baron Jon Adgemis has been declared bankrupt and his properties have been sequestered, with the Federal Court finding the former KPMG partner owes $1.8 billion to creditors.