Search
This area does not yet contain any content.
Justinian News

Balkan intrigues ... Old coppers stagger into the Croatian Six inquiry ... 15-year jail terms in 1980 for alleged terrorism ... Miscarriage of justice under review ... Verballing ... Loading-up ... Old fashioned detective "work" ... Evidence so far ... Hamish McDonald reports ... Read more >> 

Politics Media Law Society


Splitting heirs ... How to get rid of the Royals – a Republican tours Orstraya … Underneath their robes – sexual harassment on the bench … Credit card fees – so tricky that only economists know what to do … Muted response to Drumgold vindication … Vale Percy Allan ... Read on ... 

Free Newsletter
Justinian Columnists

Blue sky litigation ... Another costly Lehrmann decision ... One more spin on the never-never ... Arguable appeal discovered in the bowels of the Gazette of Law & Journalism ... Odious litigants ... Could Lee J have got it wrong on the meaning of rape? ... Calpurnia reports from the Defamatorium ... Read more >> 

Blow the whistle

 

News snips ...


This area does not yet contain any content.
Justinian's Bloggers

Online incitements ... Riots in English cities fed by online misinformation about refugees ... Policing and prosecution policies ... Fast and furious processing of offenders ... Online Safety Act grapples with new challenges ... Increased policing of speech on tech platforms ... Hugh Vuillier reports from London ... Read more >> 

"Mistakes of law or fact are a professional inevitability for judges, tribunal members and administrative decision makers."  

Paul Brereton, Commissioner of the National Corruption Concealment Commission, downplaying the Inspector's finding of bias and procedural unfairness with his conflicted involvement in the decision making about Robodebt referrals ... Read more flatulence ... 


Justinian Featurettes

Vale Percy Allan AM ... Obit for friend and fellow-traveller ... Prolific writer on economics and politics ... Public finance guru ... Technocrat with humanity and broad interests ... Theatre ... Animals ... Art ... Read more ... 


Justinian's archive

A triumph for Victorian morality ... Ashton v Pratt ... In the sack with Dick Pratt ... Meretricious sexual services renders contract void on public policy grounds ... Justice Paul Brereton applies curious moral standard ... A whiff of hypocrisy ... Doubtful finding ... Artemus Jones reporting ... From Justinian's Archive, January 24, 2012 ... Who knew the NACC commissioner had strong views on the sanctity of marriage ... Read more ... 


 

 

« Lympic delirium | Main | Moles and field agents report »
Wednesday
Aug012012

Russell's dividend

Scratching around Russell Keddie's estate to find a few bob for creditors … $23 million in claims against the former multi-millionaire solicitor … Public examination of Mr & Mrs Keddie … Creditors' meeting … Max Donnelly's third report 

Keddies' Double Bay spread: total value $3.7 million

RUSSELL Keddie's trustee in bankruptcy is forecasting a dividend to creditors of 0.29 cents in the dollar. 

That's the optimistic view in Max Donnelly's third report to creditors. 

The pessimistic outlook is for a dividend of 0.22 cents in the dollar. 

After Max has extracted his fees and expenses the best assessment of Russell's assets available to creditors is $6.9 million and the lowest is $5.3 million. 

Currently there is about $23 million worth of claims by creditors. 

Happily, the legal advice is that the trustee can rake back the bogus transfers of Russell's half interest in properties at Double Bay and Bungan Beach. 

These were made to Mrs Keddie (aka Sarah Key) for no consideration, or $1 each, in July last year. 

The total value of those two properties has been estimated at $6.4 million. 

Donnelly has been advised to have a public examination of Mr & Mrs Keddie before recovery proceedings are commenced. 

Donnelly in his most recent report says: 

"I expect the bankrupt's 50 percent share in these properties will be recoverable in full." 

Russell received $1.2 million from the sale of investment properties at Potts Point (2009) and The Rocks (2011), and there will have to be an explanation how the proceeds of those sales were distributed. 

Sarah Keddie (aka Sarah Key) will also be questioned about the transfer to her husband and back again of a London leasehold property worth between £350,000 and £400,000. 

See Keddies Kapers  

The trustee has already got his paws on $1 million cash in Russell Keddie's bank account. 

There are numerous other details in the latest report about motor vehicles, family trusts, unit trusts, superannuation, livestock and the bankrupt's debtors (all family related entitles). 

A meeting of creditors has been set for next Tuesday (August 7) at Ferrier Hodgson's office, level 13, Grosvenor Place, 225 George Street, Sydney. 

Roll-up, roll-up. 

Sources ... 

The third report to creditors 

The first report to creditors

See also: Unpicking Russell Keddie's bankrupt estate 

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.
Editor Permission Required
You must have editing permission for this entry in order to post comments.