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Insolvency firm Worrells has come out in support of partner Jason Bettles, who is facing an investigation by the corporate regulator for his work as liquidator of the Members Alliance Group of companies, saying the probe was unexpected.
The Australian Securities and Investments Commission wants to investigate the conduct of a Worrells partner in relation to the winding up of Members Alliance Group, a group of property investment companies whose 2016 collapse stripped creditors of over $40 million and left its director facing fraud charges.
A former pre-insolvency advisor has been sentenced to four and half years in prison for siphoning money from defunct Telstra dealer Cap Coast Telecoms prior to it being voluntarily wound up.
Two special purpose liquidators appointed to collapsed engineering and construction company Forge Group are investigating a potential lawsuit against KPMG, which audited the doomed business prior to its $800 million collapse in 2014.
A group of unsecured creditors of 'Diamond Joe' Gutnik's mining firm Merlin Diamonds has launched a NSW Supreme Court bid to preserve their rights over security interests in the company as the clock ticks down to its impending liquidation.
Certain claims in a shareholder class action against insolvent training company Vocation and auditor PricewaterhouseCoopers have been dropped, as the long-running case awaits a new trial date pending the outcome of a separate Full Court appeal.
Sydney-based liquidator David Iannuzzi has been disqualified from serving as an insolvency practitioner for 10 years, in the first case brought by the Australian Tax Office under the Corporations Act's ban on tax avoidance schemes.
A NSW Supreme Court judge has raised concerns about a dispute over fees owed to two law firms and a funder in relation to four shareholder actions brought against the liquidators of HIH Insurance.
The administrators and liquidators of failed auction house Mossgreen have had their $646,000 in fees approved over the objections of creditors, with a judge saying they were entitled to the remuneration after recovering more than $2 million in assets.
A judge has briefly stayed his $76.6 million judgment against IOOF subsidiary Australian Executor Trustees over the sale of a timber plantation by the collapsed Gunns Group as AET weighs an appeal of the ruling, which dismissed its cross-claim against law firm Sparke Helmore.