Daniel is a Chartered Accountant and Forensic Accounting specialist with  over ten years’ experience in complex financial accounting and investigations both in Australia and internationally.

With his extensive experience dealing with the C-Suite, advising on sensitive and complex matters, Daniel gives  clients end-to-end disputes assistance, including:

  • Preliminary calculation of claim size or financial exposure
  • Strategic advice with respect to claim preparation
  • Development or defence of causation arguments
  • Critique of claims and expert reports
  • Evaluation of settlement offers.

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Expertise

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Litigation and Dispute Resolution

  • Joint venture dispute, oil and gas industry: Daniel was appointed as an independent adviser by a member of a joint venture producing and warehousing lubricants.The dispute was over the accounting treatment of certain transactions and resulting profit share to each member of the joint venture, requiring Daniel to reconstruct the joint venture accounts, and model the transactions in dispute.
  • Commercial Litigation, mining industry (Arbitration): Daniel prepared an expert report in relation to a joint venture dispute between an iron ore miner and a steel manufacturer; at issue was alleged erroneous invoicing for the purchase of iron ore over an extended period.His work included quantification of the but for invoice amount based on tonnage and iron ore quality and the actual amount invoiced.
  • Commercial Litigation, oil and gas industry (Arbitration): Daniel advised a partner appointed as the independent expert on behalf of the defendant for a prolongation costs claim brought against it by a Contractor engaged by the defendant to conduct a large engineering project.Daniel assessed the various aspects of the plaintiff’s claim and compared the claimed amounts to actual costs incurred by the Contractor, to identify areas of the claim that were not supported by sufficient documentary evidence.
  • Commercial Litigation, loss of opportunity (Federal Court of Australia, Victoria): Daniel advised an independent expert appointed to provide accounting evidence on the quantification of loss arising from the failure to repay a mortgage for a financial institution and the loss of opportunity. Daniel prepared a report setting the current value of the loan repayable to the financial institution, and estimated of the value of the loss of opportunity in relation to the moneys not repaid.
  • Commercial Litigation, derivative trading (Supreme Court of Victoria): Daniel advised the independent expert appointed to provide accounting evidence with respect to the quantification of loss arising from derivative trading over a number of trading brokers. Daniel prepared a report setting out the cumulative loss over a number of trading accounts.
  • Valuation dispute, shareholder dispute (Supreme Court of Victoria): A minority shareholder wished to dispose of his shares in a privately held major construction group of companies. A valuation was prepared for the minority shareholder, which the major shareholders considered significantly overvalued the shares.Daniel assisted the independent expert appointed on behalf of the defendants to critique the valuation report prepared for the minority shareholder and provide his own opinion of the value of the shares.
  • Commercial Litigation, transport industry (Arbitration): Daniel was engaged by the defendant of a claim in relation to terminating an aircraft maintenance contract. The work included forensic analysis of the plaintiff's claim to critiqueboth causation and quantum, and reallocate claimed overhead costs, redundancy costs and spare part costs.
  • Commercial Litigation, forestry industry (Arbitration): Daniel advised an expert witness with the critique of a claim relating to alleged the undersupply timber logs.The work included analysis of the claim to understand and quantify the nexus between the level of supply of logs and the profitability of the business, which considered internal cost allocations, external market factors and mitigation strategies.

See Litigation and Dispute Resolution

Corporate / M&A

  • Acquisition dispute, Retail industry (Federal Court of Australia, Victoria): Engaged on behalf of a major brewery company to prepare an indicative quantification of the monetary claims that have been identified by the company arising from alleged breaches of a Share Sale Agreement, Daniel  conducted a financial analysis relating to the potential value of the claimed asset arising from alleged misrepresentations made by the sellers in respect of the forecast EBITDA.
  • Acquisition dispute, Mining industry: Daniel prepared independent advice for the administrators of  an Australian mining company on the sale of a subsidiary to an international buyer – specifically,  the accounting treatment of a number of disputed items. The advice was prepared in accordance with the share sales agreement, historical accounting treatment and GAAP.
  • Acquisition dispute, Retail industry: Daniel prepared independent advice on the calculation of the post-acquisition completion account adjustments, which  included investigating the historical accounting practices of the purchased company, and preparing the completion account in accordance with the share sale agreement.
  • Acquisition dispute, Retail industry: Daniel advised a forensic partner in providing expert determination services in relation to an acquisition dispute between two food and beverage manufactures.  The dispute included a determination of various claims advanced by the parties in relation to the allocation of costs to establish a value of inventory under Australian GAAP. 

See Corporate / M&A

Taxation

  • Royalties reassessment:  Daniel led the independent critique of a claim by a Australian state revenue office against JV participants.  The claim related to the reassessment of royalties on commodities over a seven year period.  His work included a forensic inspection of the underlying documentation and assumptions to determine the accuracy of the calculation.
  • Criminal trial, agriculture industry (Supreme Court of Victoria): Daniel prepared an independent expert report in relation to alleged tax fraud by owners of an alleged labour hire business.  The report included an assessment of the fundamental business operations to determine the workers were full-time employees.   

See Taxation

Class Actions

  • Class Action, financial services industry (Federal Court of Australia, Queensland): Daniel advised the independent expert appointed on behalf of an Australian Investment Bank to act in a class action brought against the bank by a group of customers who had obtained a lending product from the bank to facilitate a range of investments. The customers commenced legal proceedings against the bank following the collapse in the value of their investment portfolio. The engagement included to undertaking financial analysis relating to the investment activities of the customers and providing accounting evidence to be used in the proceedings. This matter was settled after trial.
  • Class Action, financial services industry (Federal Court of Australia, Victoria): Daniel advised a Forensic partner appointed as the expert on behalf of a major Australian Bank to act in a class action brought against the bank by a group of customers who had been charged a range of fees in connection with their credit card or transaction accounts ("Exception Fees Class Action"). The engagement required extensive and complex analysis of the costs incurred by the Bank as a result of the events giving rise to the fees charged. 
  • Class Action, financial services industry (Federal Court of Australia, Victoria): Daniel was engaged to provide advice in respect to defence of a class action proceeding. The class action plaintiff alleged that the insurer has breached continuous disclosure obligations, engaged in misleading and deceptive conduct and made false or misleading statements.  The work included the development of an analytical model that determined the size and quantum of the potential class action under various event driven scenarios. 

See Class Actions

Insurance and Risk

  • Commercial litigation, transport industry (Supreme Court of Victoria): Daniel advised an expert witness on behalf of a client that was seeking to quantify a business interruption claim following damage to one of its primary assets.  Daniel’s work included interpretation of a complex policy, quantification of the various heads of claim under the policy and preparation of an expert report
  • Insurance claim preparation, aged care industry: Daniel advised a client that had suffered substantial damage to an aged care facility in a storm.  The claim included both elements of material loss and damage and business interruption.  Our work involved helping the client mitigate the loss following the storm, then advising of the strategy for claim and recovery.   We prepared and negotiated the claim on behalf of the insured, which included analysis of loss of various revenue streams including government entitlements and bond interest.
  • Insurance claim preparation, transport industry: Daniel advised a client with early mitigation through to the preparation, submission and negotiation of a claim following a surveyor error which lead to construction of a retaining wall at the incorrect height.  The claim included both elements of material damages and business interruption. 

See Insurance and Risk

Restructuring and Insolvency

  • Insolvency litigation, child care service (Federal Court of Australia, NSW): Daniel advised a partner appointed as the expert on behalf of a syndicate of Australian Banks in proceedings brought by a liquidator of a major Australian childcare centre provider.  Daniel assessed the value of the company, and of solvency as at a date a few months prior to the company entering administration, which required extensive and complex analysis of the historical performance of the company, and assessment of the impact on future cash flows of management’s intended business improvements.
  • Investigation into breach of legislation and misappropriate of funds (Supreme Court of Victoria): Daniel advised a partner appointed as the independent expert on behalf of a law firm to investigate into the alleged breach of trust accounting legislation and misappropriation of a client’s funds of a law firm in receivership. The engagement required the inspection of the client’s trust account to identify any potential transaction anomalies.
  • Insolvency investigation, information technology industry: Daniel advised the bank in relation to allegations that a customer in receivership had submitted duplicated and/or falsely inflated invoices to under a debtor factoring agreement.  His work included reconstruction of financial records to understand the services performed in relation to those invoices. 
  • Insolvency litigation, financial services industry (Supreme Court of Victoria): Daniel advised with the preparation of an expert report in relation to the collapse of Primebroker Securities in 2008.  His work included a financial reconstruction of the entities balance sheet and cash flow statement daily to assess solvency for the months leading up to appointment of receivers.  

See Restructuring and Insolvency

Investigations and Crisis Management

Daniel has experience in the following investigations:

  • Fraud
  • Accounting misstatement and manipulation
  • Employee and vendor misconduct
  • Foreign bribery and corruption
  • Breaches of internal codes of conduct and policies, including bullying and harassment
  • Theft of assets, intellectual property and confidential information
  • Allegations of market misconduct and regulatory breaches.

Recent examples include:

  • Advising Australian sporting codes with salary cap and misconduct investigations including the "drugs in sport" inquiry
  • Several investigations into allegations concerning the misappropriation of funds and assets by an employees and management
  • Investigations into bribery and corruption of employees to obtain advantage in procurement and tendering processes.  This includes undertaking investigations across Oceania, Asia and Africa.
  • Investigation into alleged breach of trust accounting legislation and misappropriation of clients' funds
  • Forensic audits of subsidiaries located in Australia and Asia to determine the cause of poor performance.

See Investigations and Crisis Management

Knowledge

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