Tuesday, 17 December 2013

LIPS highlights gender split

LIPS Committee from left: Elisabeth Pickthall (Piper Alderman),
Lisa Chapman (Piper Alderman), Jayne Edwards
(Raine & Horne Commercial) and
Laura Stanton (Dean-Willcocks Insolvency Solutions).
Photo courtesy LIPS Committee 
THE gender-exclusive Ladies Insolvency Practitioners  movement made a rare exception last week when it admitted male practitioners to its Christmas soiree.

Most of the year LIPS events are women-only but last Thursday evening the rules were bent. In recognition, blokes thronged the Hunter street offices of host firm O'Neill Partners in numbers that initially saw LIPS' membership outnumbered. 

By 8.00pm O'Neill's L 17 verandah had filled and the ratio was closer to fifty fifty. Unsurprisingly, gender dominated many a discussion.

SiN asked one soiree-goer why she thought so few female insolvency practitioners had become registered liquidators. Her answer? "Personal liability". She had seen a mentor ruined when an appointment went bad. Did she think women might in general be more risk averse than men? She thought it was "possible". But it's likely other factors are also at play.

Tuesday, 3 December 2013

Coca Cola chasing Obeids over beverage debt

IT'S one thing to be hauled before an anti-corruption inquiry and grilled like a kebab. It's another thing entirely to fall foul of big beverage. Regrettably for the Obeid clan, it's done both.

Court documents obtained by SiN reveal that Circular Quay Restaurants Pty Limited, the company identified during  hearings of the Independent Commission against Corruption (ICAC) as a front for the Obeid family's waterfront hospitality ventures, has defaulted on a statutory demand for payment issued by Coca Cola Amatil (CCA).

Circular Quay Restaurant's sole director is Paul Maroon, who took over from John Abood, Eddie Obeid's brother-in-law in 2012. Abood however remains as sole shareholder.

As a consequence of the demand default, CCA has initiated wind-up proceedings in the NSW Supreme Court with a hearing set for December 10. 

If the Obeid-controlled company doesn't produce the roughly $108,000 claimed by CCA, any liquidator subsequently appointed will potentially control a suite of exceptionally valuable and controversial harbour foreshore leases. 

They were renewed for a period of 10 years in 2009 but may automatically terminate if the lessee is liquidated. Time will tell.

According to court documents CCA is being represented by Emanueli Oliveri of Oliveri Lawyers. Ben Sewell of Sewell & Kettle is handling the matter for Circular Quay Restaurants Pty Limited.