Kordamentha makin the news
ASIC queries KordaMentha independence in TEN case
However, lawyers for the Australian Securities and Investments Commission (ASIC) also joined proceedings on Monday to raise concerns about a "reasonable apprehension of bias" that KordaMentha might have because of "the work that's been done by KordaMentha prior to their appointment".
However, the regulator is concerned that KordaMentha may not be perceived as independent and able to objectively conduct an investigation into preferential payments, as administrators normally would
"Australia's insolvency system is built around a system of independent [and] objective outsiders ... It is crucial to the effective operation of that system that independence exists or is seen to exist," Mr Maiden said.
Extracts from SMH 17.7
An insolvency management firm will examine almost $1 million in fees paid to KordaMentha by Channel Ten in the months before it was signed on as the ailing network's administrator.
On Tuesday in the Federal Court of Australia in Melbourne, Judge David O'Callaghan made orders appointing Peter Gothard of Ferrier Hodgson to the role.
Extracts 7 news 18.7
Mr Korda said he was confident the Ten Network could stay afloat.
"Ten is cash-flow positive at the present time," he told Business PM.
"Ratings are good, collected all our debts, so it's pretty much business as usual as far as advertisers, employees and programs are [concerned].
"What we have is a bit of a balance sheet problem that needs to be fixed via a recapitalisation process”
Extracts ABC 26.6
“The idea of voluntary administration is to recapitalise as quickly as you can but July 19 is probably a bit too quick,” Korda said.
Extracts Mumbrella 26.6
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