Restructuring & Insolvency

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.

On the eve of a Federal Court bankruptcy hearing, Sydney-based publican Jon Adgemis and founder of Public Hospitality Group has declared bankruptcy, days after five of his pubs were placed into receivership. 

Developer Robert Filippini is appealing a ruling that granted the liquidators for Keystone Asset Management's expanded freezing orders of up to $158 million in assets as well as two family trusts and four luxury cars. 

Deutsche Bank has appointed receivers to five pubs owned by Public Hospitality Group ahead of a bankruptcy hearing against the group’s owner and former KPMG partner, Jon Adgemis.

Hall & Wilcox has struck back at proceedings by the liquidators for collapsed construction group Hastie, saying they have failed to specify why its $18.6 million legal bill incurred in suing two dozen builders is unreasonable.

An entity associated with the director of defunct Sydney builder Quasar Constructions has failed to hand over details about its assets to liquidators, prompting further orders with a warning from the court.