Welcome to the Dead Zone, the land of liquidations, administrations and receiverships, where bounty-hunters roam the apocalyptic landscape preying on the dying and the wounded. One decade of litigation, $1 million in fees, one doughnut for creditors. They carved this baby up good and proper. In an interim judgment a few weeks ago, South Australia's Chief Justice Chris Kourakis found the liquidator PPB and its lawyers, Minter Ellison, enjoyed a "loosely defined fee-sharing arrangement". Don't rub your eyes: that's correct, they forked out nearly $500,000 to pursue a debt of just $28,000.Īn abuse of process case is now afoot from the company's founder, John Viscariello. The liquidator to this Adelaide retailer then spent half a million dollars chasing the debt. Tanya Hamilton-Smith owed $28,000 to her boyfriend's company when it went belly-up.
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