The Cut

Australia's property market is full of contradictions—capital is abundant, demand is surging, yet developments are stalling. In this episode of The Cut, listeners get an unfiltered look at what's really holding the sector back, from a mid-market feasibility crisis to the construction insolvency wave that's shaken the industry. Learn how regulatory changes, labor shortages, and private credit expansion are impacting the market today—and where opportunity lies for those ready to adapt.

Dominic Lo Surdo, Executive Chairman of Stamford Capital and President of CAFBA, shares candid insights from the frontlines of real estate lending and development. With access to over $6.3B in pipeline deals and responses from 100+ lenders in their Debt Capital Market Survey, he sheds light on the emerging trends, the data gaps that regulators are scrambling to fill, and what needs to happen next to unlock housing supply.

Key Points

• The construction industry is under immense financial pressure, with insolvencies hitting record levels—yet capital is readily available if feasibility and labor align.
• Regulatory reforms and building commissioner crackdowns are lifting quality, but the market still lacks contractor depth to meet urgent housing demands.
• Private lending is booming amid tight bank conditions, but growing scrutiny from ASIC suggests a call for more transparency and self-regulation.

Timestamps

• [00:00] – The paradox of a capital-rich, labor-short property market
• [01:03] – Intro to Dominic Lo Surdo and overview of Stamford Capital
• [03:21] – Current market conditions: risk, feasibility, and stagnation
• [06:08] – Construction insolvencies and their ripple effect
• [08:52] – The housing crisis vs. broken developer-contractor dynamic
• [10:58] – TOD zones and how they're reshaping feasibility
• [13:46] – Building commissioner reforms and consumer trust
• [16:43] – Insights from the Real Estate Debt Capital Market Survey
• [22:51] – ASIC's private credit review and future industry regulation
• [34:32] – Property outlook: What's next for the next 2–3 years

Links:

• Dominic Lo Surdo Linkedin
• Simon Cathro's Linkedin
• Andrew Blundell Linkedin
• Stamford Capital

Cathro & Partners are experts in providing insolvency and restructuring services that help to create and preserve business value and to enable individuals to make a fresh start. The firm specialises in restructuring, turnaround, personal and corporate insolvency, safe harbour, secured enforcement services, government advisory services and pre-lending services.

For a confidential discussion on any of the above, please reach out to one of our experts

In this episode of The Cut, hosted by Simon Cathro, we dive into how payroll compliance has shifted from being just a back-office function to a critical boardroom responsibility.

Our guest, Marcus Zeltzer, co-founder of Yellow Canary, explains how technology is transforming payroll compliance—from reactive clean-up to proactive clarity. Even Australia's largest employers are struggling with complex rules hidden deep inside awards, and Marcus unpacks why compliance is not about intention but interpretation.

You'll also hear how Yellow Canary's audit platform mirrors the Big Four process—only faster, clearer, and without the price tag. From IPO readiness to whistleblowers, discover the surprising triggers that push businesses to take compliance seriously.

• Compliance is now a boardroom issue—not just payroll administration.
• How AI is cutting compliance work from months to days, reshaping entitlement audits, litigation, and safe harbour.
• Why poor records, data gaps, and unclear laws destroy more than money—they destroy trust.
• What motivates organisations: whistleblowers, IPOs, M&A, and enterprise bargaining.

• [00:45] – Marcus' journey: from law school dropout to tech founder
• [03:59] – The spark for Yellow Canary: wage theft, media, and margins
• [05:00] – How the platform works and why it's different to the Big Four
• [06:30] – Go-to-market strategy and early law firm partnerships
• [08:00] – A typical client engagement from start to finish
• [10:00] – Award simulation tool and AI-driven rule accuracy
• [13:59] – What motivates clients to engage Yellow Canary
• [17:00] – The future of enterprise bargaining and tech-enabled dispute resolution
• [24:59] – Cutting M&A audit time from five weeks to five days
• [32:30] – What insolvency firms need to know about AI in payroll cases

• Guest: Marcus Zeltzer on LinkedIn
• Simon Cathro on LinkedIn
• Andrew Blundell on LinkedIn
• Yellow Canary Website

Litigation finance is reshaping how high-stakes disputes are fought—and who wins. In this episode, Matt Lee from Lindsay Francis Mengen, a specialist in arbitration and former head of Australia's largest litigation funding operation, shares how litigation funders assess cases, manage risks, and decide whether a claim is worth backing. For anyone working in insolvency, restructuring, or high-value disputes, this is an inside look at what funders really want.

You'll also learn how arbitration can offer a faster, more private alternative to court—if managed correctly. From freezing orders to enforcement risk, Matt dives into the practical realities that often determine whether a case succeeds or quietly fails. Packed with actionable insights for liquidators, lawyers, and anyone considering legal funding, this episode is essential listening for navigating complex legal recoveries.

Key Points:

1. Litigation funders assess more than just legal merit—they evaluate people, psychology, and probability.
2. Arbitration can be faster and private—but only if the arbitrator drives the process effectively.
3. Freezing orders and early mediation aren't just strategy—they can determine whether you recover anything at all.

Timestamps:

• [00:03] What litigation funding actually is and how it works
• [05:00] Beyond class actions: corporate use of legal finance
• [07:32] The role of funders during litigation—not just money
• [09:50] What funders analyze: success, damages, recoverability
• [11:53] Why good claims still don't proceed in insolvency cases
• [14:30] When is the right time to mediate?
• [18:45] Assessing the people behind the claims
• [21:00] How freezing orders stop asset flight during litigation
• [23:01] What arbitration is and how it differs from court
• [28:00] How long arbitration takes and what can go wrong

Links

• Matt Lee's Linkedin
• Simon Cathro's Linkedin
• Andrew Blundell Linkedin
• Lindsay, Francis & Mangan website

Cathro & Partners are experts in providing insolvency and restructuring services that help to create and preserve business value and to enable individuals to make a fresh start. The firm specialises in restructuring, turnaround, personal and corporate insolvency, safe harbour, secured enforcement services, government advisory services and pre-lending services.

For a confidential discussion on any of the above, please reach out to one of our experts

Building a successful practice demands more than technical skill—it calls for relentless commitment, strategic mindset shifts, and the courage to delegate. In this episode of The Cut, host Andrew Blundell sits down with Nick Hitchens, founder of Hitch Advisory, to trace his rise from managing distressed pub sales to advising on high-stakes M&A deals.

What You'll Learn:

• Why the First Five Years Matter: Most firms plateau or fail around year five. Nick explains the "all-in" mentality required to push through that critical period.
• Delegation as a Growth Engine: Clinging to every task breeds burnout. Discover how entrusting your team can free you—and your firm—to scale.
• Redefining Success: Beyond revenue, true success means building a capable team, creating opportunities, and making a lasting impact.

Whether you're leading a professional services firm or scaling a specialist team, this conversation will shift how you think about leadership, growth, and long-term achievement.

Links

• Nick Hitchens' LinkedIn: https://www.linkedin.com/in/nick-hitchens/
• Andrew Blundell's LinkedIn: https://www.linkedin.com/in/andrew-blundell-2a54664/
• Hitch Advisory: https://hitchadvisory.com/

Cathro & Partners are experts in providing insolvency and restructuring services that help to create and preserve business value and to enable individuals to make a fresh start. The firm specialises in restructuring, turnaround, personal and corporate insolvency, safe harbour, secured enforcement services, government advisory services and pre-lending services.

For a confidential discussion on any of the above, please reach out to one of our experts

When a business faces insolvency, one of the most overlooked yet critical aspects is ensuring that administrators and receivers are legally and correctly appointed. In this episode of The Cut, expert insolvency lawyer Nick Christiansen from Sparke Helmore joins the conversation with host Simon Cathro, to break down valid vs. invalid appointments, the risks insolvency practitioners face, and what business owners need to know before making any decisions.

From understanding how appointments are challenged in court to why remuneration is such a hot topic in insolvency, this discussion sheds light on the legal and financial pitfalls that can make or break a business in distress. If you're a business owner, creditor, or insolvency professional, this episode is packed with insights that could save you from costly mistakes.

⁠Key points discussed in this episode:

• Valid vs. Invalid Appointments Matter – Administrators and receivers must conduct due diligence to ensure legal appointments; mistakes can result in personal liability.
• Remuneration Isn't Always Guaranteed – Insolvency professionals must prove their fees are reasonable, and creditors can challenge them in court.
• Creditors Have More Power Than They Think – From challenging fees to influencing court decisions, creditors play a bigger role in insolvency than most realize.

Links:

• Nick Christiansen's Linkedin
• Simon Cathro's Linkedin
• Sparke Helmore Lawyers official website
• ASIC

Cathro & Partners are experts in providing insolvency and restructuring services that help to create and preserve business value and to enable individuals to make a fresh start. The firm specialises in restructuring, turnaround, personal and corporate insolvency, safe harbour, secured enforcement services, government advisory services and pre-lending services. For a confidential discussion on any of the above, please reach out to one of our experts.

In this episode of The Cut, Simon Cathro speaks with Hannah Griffiths from Pinsent Masons. Their discussion provides valuable insights into the complexities of insolvency proceedings, the various types of claims available to liquidators, and the importance of thorough investigations in pursuing these claims.

Hannah Griffiths is the head of restructuring and insolvency at Pinsent Masons. She has over 15 years of experience in insolvency and restructuring⁠. She advises insolvency practitioners and boards on insolvency-related issues⁠.

Key points discussed in this episode:

• Introduction to voidable transactions and insolvent trading⁠
• A case study of a property development company liquidation⁠
• The process of procuring funding for liquidator claims⁠
• Types of claims available to liquidators, including uncommercial transactions, unreasonable director-related transactions, and insolvent trading⁠
• The role of public examinations in gathering evidence for liquidator claims⁠
• The concept of de facto directors and their potential liability⁠

Links

• Hannah Griffiths Linkedin
• Simon Cathro's Linkedin
• Pinsent Masons official website
• Federal Court of Australia – Insolvency Practice Notes

Cathro & Partners are experts in providing insolvency and restructuring services that help to create and preserve business value and to enable individuals to make a fresh start. The firm specialises in restructuring, turnaround, personal and corporate insolvency, safe harbour, secured enforcement services, government advisory services and pre-lending services. For a confidential discussion on any of the above, please reach out to one of our experts.

In this episode of The Cut, Simon Cathro speaks with Keiran Breckenridge and Jonathon Turner from Lander & Rogers about secured creditors and receiverships, a topic not covered in previous episodes⁠

Jonathan Turner is a partner at Landers and Rogers, specialising in corporate restructuring, insolvency, and finance. He joined the firm about 15 months ago, moving from NRF⁠. Jonathan's expertise and experience contribute to Landers and Rogers' growing focus on corporate restructuring, insolvency, and finance

Keiran Breckenridge is a special counsel at Landers and Rogers, specializing in insolvency law. He has been with the firm for seven years. Prior to joining Landers and Rogers, Keiran took a few years to work in regional New South Wales, specifically in Tamworth and Armidale, as part of a "tree change" with his wife⁠. This diverse experience in both city and country legal practices has contributed to his comprehensive understanding of insolvency law and practice.

Key points discussed in this episode:

• Overview of Lander & Rogers, its history, and recent growth in the corporate restructuring, insolvency, and finance space
• The increasing trend of receiverships and the changing landscape of lenders in the market
• The importance of security reviews and investigating accountant reports in the receivership process
• Options available to secured creditors, including receivership, mortgage in possession, and voluntary administration
• This episode provides valuable insights into the current state of receiverships and the role of secured creditors in the insolvency process.

Links

• Keiran Breckenridge's Linkedin
• Jonathon Turner's Linkedin
• Simon Cathro's Linkedin
• Lander & Rogers Insolvency and Restructuring
• Australian Restructuring Insolvency and Turnaround Association (ARITA)

Cathro & Partners are experts in providing insolvency and restructuring services that help to create and preserve business value and to enable individuals to make a fresh start. The firm specialises in restructuring, turnaround, personal and corporate insolvency, safe harbour, secured enforcement services, government advisory services and pre-lending services. For a confidential discussion on any of the above, please reach out to one of our experts.

In this episode of The Cut Andrew Blundell speaks with Courtney Macdade and Rebecca Dalais from the the Department of Employment and Workplace Relations FEG Recovery Program's Recovery Funding team. Courtney Macdade is the Acting Principal Government Lawyer in the Department of Employment and Workplace Relations FEG Recovery Program's Recovery Funding team. She is based in Brisbane with over 8 years practising in restructuring and insolvency and dispute resolution and litigation funding. Courtney is focussed on engaging with liquidators as early in administrations as possible as well as collaborating with other government departments to enhance outcomes for employees.

Rebecca Dalais is a Senior Government Lawyer in the same team, with over 13 years' experience in the insolvency industry, as an accountant then lawyer and now litigation funding specialist. She enjoys the strategic element of litigation, ongoing assessment of risk and recoverability and providing support to liquidators and their legal teams. Rebecca has a strong interest in alternative dispute resolution including mediated outcomes which limit the time and costs of the traditional litigation path.

This episode dives deep into the evolving role of the Fair Entitlements Guarantee (FEG) in insolvency and litigation funding.

• FEG's expansion into super guarantee debt collection offers more avenues for recovery, allowing liquidators to target broader claims
• The FEG funding team prioritizes early engagement with liquidators, significantly improving recovery rates and reducing legal fees.
• FEG's flexible approach to litigation allows liquidators to pursue sub-$5 million claims and tackle Phoenix activities effectively.

Links

• Rebecca Dalais Linkedin - https://www.linkedin.com/in/woodrebecca/
• Courtney Macdade Linkedin - https://www.linkedin.com/in/courtneymacdad
• Andrew Blundell Linkedin - https://www.linkedin.com/in/andrew-blundell-2a54664/
• FEG Online Services - https://fegonlineservices.dewr.gov.au/

In this episode of The Cut, host Andrew Blundell, Principal at Cathro & Partners, is joined by Anna Taylor, Principal at Results Legal, to discuss various aspects of insolvency, debt recovery, and trade credit.

Key Takeaways:

• Understanding Director Obligations: Anna emphasizes the need for directors to be more aware of their obligations and liabilities, suggesting the need for mandatory education before director appointments.
• Trade Credit Challenges: The discussion delves into the current challenges faced by trade credit businesses, including an increase in disputes, preferences, and equitable priority disputes.
• Risk Mitigation Strategies: Anna highlights the importance of setting up for success by having appropriate contracts, understanding customers, and proactive credit management to mitigate risks.
• Advocacy and Proactiveness: The conversation emphasises the need for proactive communication with insolvency practitioners, particularly in cases of appointments, to protect the interests of creditors and ensure timely responses.

This episode provides valuable insights for insolvency practitioners, creditors, and businesses on effectively navigating the complexities of trade credit, insolvency, and debt recovery.

Tune in to gain practical advice and strategies for asset protection and preservation in insolvency scenarios.

Links:

• Anna Taylor LinkedIn – https://www.linkedin.com/in/anna-taylor-b2a4393a/

• Results Legal – https://resultslegal.com.au/

• Andrew Blundell Linkedin – https://www.linkedin.com/in/andrew-blundell-2a54664

• Cathro & Partners Website – https://cathropartners.com.au/

• ASIC Guidance on duties of directors of mutual companies – https://asic.gov.au/for-business/running-a-company/company-officeholder-duties/guidance-on-the-duties-of-directors-of-mutual-companies/

In this episode of The Cut, host Henry Kazar, principal of Cathro & Partners in Canberra, dives deep into the topic of freezing orders with guest Graeme Blank, a seasoned barrister from Blackburn Chambers. Together, they explore the nuances and implications of freezing orders within the realm of insolvency.

Henry and Graeme discuss the critical role of undertaking as to damages in the general freezing order environment, emphasising the expectations and responsibilities of both the applicant and their legal representatives.

They highlight the importance of offering this undertaking, even in cases where a judge may not explicitly request it, and the uncommon instances where a judge might decide not to accept it.

This episode is essential listening for insolvency practitioners who need to understand how to protect and preserve assets during investigations and proceedings for the benefit of creditors, beneficiaries, and other stakeholders. Tune in to gain valuable insights from experts with years of experience in insolvency, bankruptcy, and related legal matters.

Key Takeaways:

• The significance of undertaking as to damages in freezing orders.
• The responsibilities of legal representatives in such applications.
• The rare circumstances where a judge might not require or accept the undertaking.
• Practical advice for insolvency practitioners on asset protection and preservation.

Join us for an informative discussion on all things insolvency and learn how to navigate the complexities of freezing orders effectively.

Links

• Graeme Blank Linkedin
• Henry Kazar Linkedin
• Cathro & Partners Website
• Blackburn Chambers