Oracle Insolvency Services

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Oracle Insolvency Services

We offer all forms of personal and corporate insolvency and forensic accounting services.

26/02/2025

🎉 The Annual OracleIS Lawn Bowls Cup – A Night of Champions, Pizza & Precision Rolling! 🎳🍕
Last week, Oracle Insolvency Services hosted the highly anticipated OracleIS Lawn Bowls Cup at Clarence Gardens Bowling Club, and let’s just say… the competition was fierce, the pizza was plentiful, and the bowls? Well, they didn’t always go where we intended. 😆
With a fantastic mix of clients, colleagues, and friends, the night was a perfect blend of networking, friendly rivalry, and discovering that lawn bowls is a sport of unexpected skill (and occasional luck). 🍻
🏆 Huge congratulations to our 2025 champions – HWL Ebsworth! They rolled their way to victory and claimed the coveted title from last year’s winners.
A massive thank you to everyone who joined us, competed, and made the night such a success. Same time next year? Start practicing now! 🎯

12/02/2025

Oracle Insolvency Servicesis proud to announce that our Partner, Yulia Petrenko, has officially become a Registered Trustee in Bankruptcy. This achievement marks a significant milestone in Yulia’s distinguished career and further strengthens our firm’s expertise in Corporate and Personal Insolvency.
A Registered Liquidator, Trustee in Bankruptcy, Chartered Accountant, and Founding Partner of Oracle Insolvency Services, Yulia brings extensive experience in both Corporate and Personal insolvency. She is a respected member of ARITA (Australian Restructuring Insolvency & Turnaround Association), IPA (Institute of Public Accountants) and AICM (Australian Institute of Credit Management).
At Oracle Insolvency Services we now have 2 Registered Trustees in Bankruptcy and 3 Registered Liquidators.
Please join us in congratulating Yulia on this outstanding achievement! 🎉

06/01/2025

The Partners of Oracle Insolvency Services are proud to announce the promotion of Thoshan Karannagoda to the role of Supervisor. Please join us in congratulating Thoshan on this well deserved promotion.

22/11/2024

A great day yesterday as Oracle Insolvency Services hosted it's 2024 Accounting Symposium. The lunch and learn event saw delegates hear on AI technology from Adrian Cartland, the economic outlook from Susan Stone and all things GST from Jessica Pengelly. Guests also received an Insolvency Masterclass Q&A from our partners Yulia Petrenko Dominic Cantone and Nick Cooper. Thanks to our presenters and also our event sponsors Angas Securities and Pickles Auctions, and all those in attendance.

16/10/2024

Read the latest from our Partners on developments in insolvency and new additions to our firm:

The Rise of Small Business Restructuring, by Dominic Cantone
https://news.oracleis.com.au/the-rise-of-small-business-restructuring/

Realising a bankrupt’s assets in New Zealand, by Yulia Petrenko
https://news.oracleis.com.au/realising-a-bankrupts-assets-in-new-zealand/

Welcome Joshua Dasari and Lachlan Rees, by Nick Cooper
https://news.oracleis.com.au/announcement-welcome-new-staff/

For the full list of our news articles, see https://news.oracleis.com.au/

Oracle Insolvency Services
tel: 1300 391 330
email: [email protected]
web: www.oracleis.com.au

03/10/2024

A brilliant presentation to our valuable referrers of work. Thanks Alistair Marshall for your wisdom on professional services firms maximising their marketing potential.

03/10/2024

An early start to the day is worth it for a lively and thought-provoking presentation on management and marketing essentials for professional services firms. Thanks to Alistair Marshall for engaging with our attendees at the Oracle Insolvency Services business breakfast this morning with Nick Cooper, Yulia Petrenko and Dominic Cantone

07/08/2024

Oracle Insolvency Services is excited to announce that we have two new graduates joining our firm, please join me in welcoming Lachlan Rees and Joshua Dasari our new Graduate Analysts.
Lachlan completed his Bachelor of Science in Accounting in 2024 and is looking begin his Master’s Degree in Accounting in the near future. He assists with corporate and personal insolvency administrations.
Joshua holds a Bachelor’s Degree in Commerce, with past experience in tax, bookkeeping and auditing. He has future plans to complete his Chartered Accountancy certification.
Great to have you both join the team and we look forward to seeing your careers progress.

23/07/2024

Oracle Insolvency Services is proud to announce two recent staff promotions within our firm. Stephen Flamer-Smith has been promoted to the role of Manager and Parmeet Singh Bindra has been promoted to the role of Supervisor. Please join us in congratulating Stephen and Parmeet on these well deserved promotions.

15/05/2024

Last night Treasurer Jim Chalmers announced the federal budget, and it is already being dubbed the budget for ‘every Australian’.
As always there are winners and losers from the fallout, here is how Oracle Insolvency Services views it.
Winners - Small Businesses, who like many have been crying out for relief, have seen a number of initiatives designed to provide just that. The $20,000 instant asset write-off scheme has been extended for another year, they will also receive $325 off power bills and in a win for common sense 457 "nuisance tariffs" will be abolished. There was also a win for so called ‘green businesses’ with $1 billion allocated to the Solar Sunshot production of solar panels in the Hunter Region of NSW, a major commitment to reward local hydrogen and renewable schemes as well as geoscience projects.
The average Australian taxpayer is set to be better off with the hotly debated stage three tax cuts coming into effect and the treasurer estimates that disposable income will grow by an average of 3.5% this year, much of it from annual wage rises.
There is a huge investment into roads infrastructure particularly on the east coast and also into Medicare Urgent Care Clinics across the nation with 29 additional clinics to be built on top of the already 58 operating.
Losers – There was no relief for large corporations with the Government ignoring calls for the company tax rate to be reduced from 30% to 25%.
There was little to like for high income earners with those earning over $145,000 to be worse off under the mentioned stage three tax cuts. While those earning over $200k have seen almost a 50% reduction on the benefit they were set to receive under the previous Government’s tax plan.
It is worth mentioning that Labor is remarking that 80% of the nation’s employees will be better off under its revised tax plan.
Alcohol producers particularly local microbreweries and distilleries who were hoping that the Government would temporarily halt the alcohol excise, something that has been seen to be the cause for the high number of such businesses falling into administration. However, the Government has opted not to pause the excise instead looking to take in over $6 billion from beer and spirits this financial year.
Businesses and particularly small businesses continue to navigate a difficult financial landscape and face many challenges. If Oracle Insolvency Services can be of any assistance for your business or that of your clients, then please contact us today on 1300 391 330 or [email protected]

26/03/2024

Today Oracle Insolvency Services was privileged to have Alex Ward from Edmund Barton Chambers provide a thoroughly enjoyable and informative presentation on Legal Ethics at our first business breakfast for the year. Our thanks to all who attended and we look forward to seeing you in June at the next seminar.

21/03/2024

Read the latest from our Partners on developments in insolvency and new additions to our firm:

Financier ordered to repay $2 million in Liquidator’s claim, by Yulia Petrenko
https://news.oracleis.com.au/financier-ordered-to-repay-2-million-in-liquidators-claim/

Digital statutory declarations, by Dominic Cantone
https://news.oracleis.com.au/digital-statutory-declarations-an-end-to-signing-on-the-dotted-line/

Welcome Stephen Flamer-Smith and Elias Hatzopoulos, by Nick Cooper
https://news.oracleis.com.au/announcement-new-staff/

For the full list of our news articles, see https://news.oracleis.com.au/

Oracle Insolvency Services
tel: 1300 391 330
email: [email protected]
web: www.oracleis.com.au

28/02/2024

Last night Oracle Insolvency Services hosted the 2024 OracleIS Lawn Bowls Cup at the charming Clarence Gardens Bowling Club.

A hotly but friendly contested competition between teams, all while enjoying some drinks, nibbles and pizza!

Congratulations goes to James Devonish & Cameron Henderson, the team from Oakbridge Lawyers Pty Ltd who with a little support from our staff and the good sports from Equipe Advisory triumphed as the 2024 Champions.

A fun night had by all and we can't wait for next years tournament.

15/02/2024

Oracle Insolvency Services is proud to announce that Stephen Flamer-Smith has joined our team as Associate Manager. Stephen has more than 15 years’ experience working in the Banking industry collecting a portfolio of personal investment loans and handling the complex litigation resulting from the recovery of those loans. Prior to banking Stephen specialised in personal insolvency matters at firms in Sydney and Adelaide.
Stephen is a professional member of ARITA – Australian Restructuring Insolvency and Turnaround Association and spent two years serving on a state divisional committee of ARITA. Stephen also holds UK based legal qualifications together with mediation and arbitration qualifications obtained in Australia.
Outside of work you will most likely find Stephen cycling, enjoying good wine and food or renovating. His ideal weekend balances this with time spent with his 2 daughters, wife, cat and chickens!

05/02/2024

Attention footy fans, the wait is almost over! Only 31 days until the start of the new AFL season. Keep an eye out for your invitation to our 2024 Tipping Competition coming soon 👍🏉Oracle Insolvency Services

16/01/2024

$2 million judgment in s. 588FDA unreasonable director-related claim

The Oracle Insolvency Services team are pleased that creditors can expect a return following the recent Federal Court judgment Cooper as Liquidator of Runtong Investment and Development Pty Ltd (in liq) v CEG Direct Securities Pty Ltd [2024] FCA 6.

In June 2018, Oracle Insolvency Services Partner Nick Cooper was appointed Liquidator of Runtong. The company owed vacant CBD land, subject to a mortgage to NAB, and intended to ultimately build a residential apartment tower on that land.

There were 2 companies related to Runtong: Futong and Datong, which shared some common directors with Runtong.

Futong also owned separate CBD land and was part-way through a construction of a residential apartment tower on its land. Futong and Datong had borrowed from CEG to fund the construction costs. The directors (including those that were common to Futong, Datong and Runtong) had given personal guarantees to CEG for Futong and Datong’s borrowings.

In December 2014, Runtong executed a mortgage in favour of CEG as part of a series of securities provided to CEG to secure Futong and Datong’s borrowings, which at that time was approx $15 million.

In July 2018 CEG, as mortgagee in possession, sold Runtong’s land for approx $12 million.

Runtong’s granting of the mortgage to CEG was ultimately held by the Court to be a void “unreasonable director-related transaction” within the meaning of s. 588FDA of the Corporation Act.

The Court can declare void such a transaction where the company concerned enters liquidation and the transaction is within 4 years of the relation-back day; and the transaction was a payment to or a transaction for the benefit of a director of the company. There are other criteria, including that a reasonable person in the company’s circumstances would not have entered into the transaction, having regard to:

• the detriment to the company of entering into the transaction; and
• the respective benefits to other parties to the transaction.

In this case, the Court found that Runtong’s granting of the mortgage to CEG was a benefit to its directors in that their contingent liabilities under their prior personal guarantees to CEG (for Futong and Datong’s borrowings) would be reduced by whatever net sum CEG received from realising its security over Runtong’s land.

This was the finding notwithstanding that CEG later advanced monies to fund building works on Runtong’s land (which were not completed by the time Runtong entered liquidation).

The granting of the mortgage to CEG was a detriment to Runtong as it had the effect of Runtong incurring an obligation to make a disposition of its property.

There are 2 important aspects to this case:

1) Indirect benefits to directors

In a similar case, Vasudevan v Beacon Constructions (Australia) Pty Ltd (2014) 41 VR 445, it was held that the “benefit” to directors could be either a direct benefit or an indirect benefit. In that case, the director personal guarantees were extinguished by the relevant transaction. In Runtong, however, while the directors’ personal guarantees were not extinguished by the transaction, there was an indirect benefit to the directors of having their contingent liabilities under their prior personal guarantees reduced by whatever net sum the mortgagee received from realising its security over Runtong’s land.

2) Common lending practices

In Runtong, the defendant lead evidence that it was common practice of lenders to take cross-securities from related entities. It argued that Runtong’s granting of the mortgage was within part of acceptable lending practices and therefore it was reasonable for Runtong to have granted the mortgage to CEG.

This argument was rejected by the Court. It found that the only parties to the mortgage were CEG and Runtong and, at the relevant time, CEG obtained a benefit by reason of additional security. CEG was the only party to the transaction that received a benefit and it therefore was expected that a reasonable person in Runtong’s circumstances would not have granted the mortgage.

This decision acts as a warning to secured lenders who take cross-securities from related entities. These securities may be void if the mortgagor enters liquidation within 4 years and the other criteria are met.

This may be the case even if the mortgagor is not insolvent at the time of granting the cross-security; and even if the liquidation is a solvent liquidation: Aviation 3030 Pty Ltd (in liq) v Lao [2022] FCA 458.

Read the full Runtong judgment here:

https://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/FCA/2024/6.html

Thanks to our senior counsel Garry Bigmore KC and solicitor/junior counsel Arnie Narayan of Travancore Legal & Advisory. Thanks also to Heather Collins and the team at Omni Bridgeway.

Oracle Insolvency Services
tel: 1300 391 330
email: [email protected]
web: www.oracleis.com.au

03/01/2024

Insolvency storm looms as rate pain sets in.

The new year is crunch time for struggling businesses feeling the full impact of aggressive interest rate rises and cost of living pressures. Construction, retail, hospitality and tourism sectors will continue to be hardest hit as the ATO becomes more assertive in collecting debts.

Oracle Insolvency Services Partner Yulia Petrenko shared her insights with Giuseppe (Joe) Tauriello, Chris Herde and Glen Norris of The Australian newspaper’s Business Review. You can read the full article here (subscription may be required):

The Australian: https://www.theaustralian.com.au/business/economics/retail-hospitality-operators-brace-for-insolvency-crunch/news-story/fe305cfa7f62f2a80e07120ebc029c4c
The Adelaide Advertiser: https://www.adelaidenow.com.au/business/retail-hospitality-operators-brace-for-insolvency-crunch/news-story/fe305cfa7f62f2a80e07120ebc029c4c

Oracle Insolvency Services
tel: 1300 391 330
email: [email protected]
web: www.oracleis.com.au

23/11/2023

A former ‘Love Island’ reality tv star’s e-commerce business has gone into liquidation amid Court action and spiralling debts.

National insolvency firm Oracle Insolvency Services has been appointed to liquidate Teddy Briggs Co Pty Ltd, formerly trading as ‘EcomConnect’. The business previously built online stores for clients to ship and sell products.

Founder Teddy Briggs starred in the first season of Love Island Australia and went on to become a social media influencer.

Oracle Insolvency Services Partner Yulia Petrenko told Business Reporter Giuseppe (Joe) Tauriello five customers around Australia have lodged court again seeking a total of $60,000.

“As the appointed joint & several liquidator of this company I am keen to determine the full list of creditors and I am asking them to contact us via the details below. We are committed to doing all that we can to help those affected by the collapse of this company.”

You can read the full article here (subscription may be required):

Adelaide Advertiser: https://www.adelaidenow.com.au/business/teddy-briggs-company-ecomconnect-falls-into-liquidation/news-story/6a70b2b8eaa327e12718d84522d71a3d
The Australian: https://www.theaustralian.com.au/business/teddy-briggs-company-ecomconnect-falls-into-liquidation/news-story/6a70b2b8eaa327e12718d84522d71a3d
Daily Telegraph: https://www.dailytelegraph.com.au/business/teddy-briggs-company-ecomconnect-falls-into-liquidation/news-story/6a70b2b8eaa327e12718d84522d71a3d
Herald Sun: https://www.heraldsun.com.au/business/teddy-briggs-company-ecomconnect-falls-into-liquidation/news-story/6a70b2b8eaa327e12718d84522d71a3d
Courier Mail: https://www.couriermail.com.au/business/teddy-briggs-company-ecomconnect-falls-into-liquidation/news-story/6a70b2b8eaa327e12718d84522d71a3d
Geelong Advertiser: https://www.geelongadvertiser.com.au/business/teddy-briggs-company-ecomconnect-falls-into-liquidation/news-story/6a70b2b8eaa327e12718d84522d71a3d
NT News: https://www.ntnews.com.au/business/teddy-briggs-company-ecomconnect-falls-into-liquidation/news-story/6a70b2b8eaa327e12718d84522d71a3d
The Hobart Mercury: https://www.themercury.com.au/business/teddy-briggs-company-ecomconnect-falls-into-liquidation/news-story/6a70b2b8eaa327e12718d84522d71a3d

Oracle Insolvency Services
tel: 1300 391 330
email: [email protected]
web: www.oracleis.com.au

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Everyone needs a desk caddy!! Comment if you’d like one and our ‘merch man’ can drop one off. 🤩

Boo to you from our crew! Happy Halloween, from the team at @oracle_insolvency 🎃👻🎃👻 #oracleinsolvencyservices #halloween #insolvency #insolvencyservices #voluntaryadministration #va #administrator #businessrestructuring #liquidation #liquidators #bankruptcy #insolvencyservices #businessrecovery

Partner Dominic Cantone had the pleasure to speak on air yesterday with Leith Forrest from Adelaide’s 5AA. We are happy to share the full interview discussing “Commentary on and advice for the hospitality industry” from the broadcast. Oracle Insolvency ServicesFIVEaa

All I Want for Christmas is You!

A special thank you to Rainey Floreani & Tim Seymour-Smith for keeping us entertained all evening at our Christmas in July Event! #oracleisevents #oracleinsolvencyservices #InsolvencyServices #christmasinjuly #networking #networkingevent

Our Managing Partner Nick Cooper recently spoke on air with ABC Eyre Peninsula to address the plans for moving forward with the Voluntary Administration of 'Moose Industries'. Oracle Insolvency Services intend to continue trading the business in the interim period in an attempt to viably complete as many customer orders as possible. #oracleinsolvencyservices #insolvency #insolvencyservices #voluntaryadministration #va #administration #administrator #debtrelief #insolvencylaw #busines #finance #insolvencyupdates #insolvencynews #debtspecialist #interview #radiointerview #media #mediacoverage #radio #abceyrepen*sula

Thank you to the Miller School of Irish Dance for your wonderful performance at our St Patrick's Day event, it was enjoyed by all. #OracleISEvents #StPatricksdayOracleInsolvency #irishyouwerehere #oracleinsolvencyservices #stpatricksday

Overview of the economy

Our Managing Partner Nick Cooper had a fantastic opportunity to speak on air with Graeme Goodings from Adelaide's 5AA. We are happy to share the full interview discussing the "Overview of the Current Economy" from the broadcast, click on the image to listen. #oracleinsolvencyservices #5AA #fiveaa #interview #radiointerview #economy #smallbusiness #hospitality #mediumbusiness #insolvency #liquidation #liquidator #bankruptcy #insolvencyservices #broadcasting #mediacoverage #radio #article #interview #media #business #restructuring #restructuringjobs #debt #finance #insolvencynews #covid #insolvencyupdates #businessrecovery