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Virgin Airlines becomes first big corporate casualty of COVID-19
Restructuring & Insolvency 2020-04-20 10:13 pm By Christine Caulfield

Embattled Virgin Australia has entered voluntary administration after the Morrison government knocked back its plea for a $1.4 billion lifeline, the airline confirmed Tuesday.

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Legitimacy of barristers’ $2.65M Banksia class action bill in question, court told
Class Actions 2020-04-20 2:42 pm By Miklos Bolza

Two barristers facing professional misconduct allegations in relation to the Banksia securities class action submitted more than $2.65 million in legal bills without documentation more than five years after the class action was filed and may have done so at the behest of funder Mark Elliott, a court has heard.

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Coronavirus, bushfires push retailer Aussie Disposals into administration
Restructuring & Insolvency 2020-04-15 9:36 pm By Christine Caulfield

Camping goods retailer Aussie Disposals has entered voluntary administration, blaming the summer bushfires and the coronavirus pandemic for its fate.

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Colette administrators not liable for rent payments in COVID-19 downturn, court rules
Restructuring & Insolvency 2020-04-15 8:12 pm By Christine Caulfield

Administrators of collapsed retailer Colette by Colette Hayman will not have to pay over $714,000 in rent after court ruled that a temporary rent freeze in light of the COVID-19 crisis was in the interests of the company’s creditors.

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Land developer Tina Bazzo loses fight to keep liquidators’ examinations secret
Restructuring & Insolvency 2020-04-09 4:30 pm By Christine Caulfield

WA-based land developer Tina Bazzo and her partner Allen Caratti have failed in their challenge to a ruling that liquidators’ examinations should not be held in private despite a large scale ongoing criminal investigation of the pair.

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Liquidator must personally pay litigation costs for ‘unreasonable’ behaviour, court says
Restructuring & Insolvency 2020-04-08 7:47 pm By Alison Eveleigh

A liquidator who ‘provoked litigation’ must personally pay the costs of the proceedings brought by a creditor of defunct company Azmac because of his ‘unreasonable’ handling of the company’s liquidation, a court has found.  

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Court orders winding up of Merlin Diamonds after ‘serious contraventions’ unearthed
Restructuring & Insolvency 2020-04-01 5:02 pm By Cat Fredenburgh

A judge has ordered that Joseph ‘Diamond Joe’ Gutnik’s Merlin Diamonds be wound up after the mining company’s provisional liquidators uncovered “serious contraventions” and a “serious failure of governance”.

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Judge says funder can’t have cut of Banksia receivers $5.5M settlement with insurer
Class Actions 2020-03-26 3:01 pm By Christine Caulfield

The litigation funder controlled by recently deceased class action lawyer Mark Elliott has lost its bid for a 12.5 per cent commission of a $5.5 million settlement secured by the special purpose receivers of Banksia Securities in its claim against the collapsed firm’s former insurance broker.

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Mark Elliott’s Blackberry found, judge orders search of phone for evidence in Banksia class action
Class Actions 2020-03-26 1:57 pm By Christine Caulfield

The hunt for the missing Blackberry of deceased class action lawyer and funder Mark Elliott is over, and the located phone will now be examined by IT experts to see if it can be searched for potential evidence to be used as part of an investigation of  alleged professional misconduct by the legal team behind a class action against failed Banksia Securities.

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Insolvency relief not enough to hold back potential ‘tsunami’ of company failures
Restructuring & Insolvency 2020-03-24 12:55 pm By Christine Caulfield

Measures to relax insolvency and bankruptcy laws to stem a possible wave of COVID-19 company collapses will not achieve their goal — and if Australia enters a European-style lockdown it won’t be a wave of insolvencies, it will be a tsunami, Lawyerly has been told.

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