POSTED BY: PETER GOSNELL 7 AUGUST 2020
Menzies Advisory’s Michael Caspaney must have days when he wonders if providing that consent to act as replacement liquidator on Cullen Group Australia Pty Ltd (CGA) almost four years go was a good idea, and iNO suspects that another such day approaches.
Caspaney has been at odds with members of CGA’s Committee of Inspection (COI) and the general pool of creditors since at least the middle of 2019.
Among other things, the COI and creditors resent how funding obtained from the Queensland Building and Construction Commission (QBCC) has been utilised to identify the recipients of preference payments.
In their minds there are debtors owing $12 million identified and they cannot understand why Caspaney hasn’t pursued them.
iNO understands that the major debtors have lawyered up and as such represent the tougher of the various nuts Caspaney plans to crack.
The enmity generated has led to an emerging trend of Caspaney having his resolutions for fee approval defeated and..