Queensland Law Society appoint receivers to the failed company previously trading as Kemp Law

The Queensland Law Society has become the third entity to appoint receivers to a law firm that collapsed in February with debts of $8.15 million.

The Queensland Law Society has appointed receivers to the failed company previously trading as Kemp Law. Picture: Mark Cranitch.

SCREWS ARE TIGHTENING

The screws continue to tighten on embattled Brisbane solicitor Michael Kemp, who was personally bankrupted by a major creditor last week.

The Queensland Law Society this week became the third entity to appoint receivers to the failed company previously trading as Kemp Law, which collapsed in February with $8.15 million in debts.

Michael Kemp

The QLS also confirmed Friday that it has tapped supervisors to oversee the trust account of KLQ Co Pty Ltd, which Kemp created earlier this year and now trades as Highland Law.

It’s understood the QLS has seized about 250 files from Highland Law and will invite other law firms to make offers to acquire them.

Kemp did not return a call seeking comment.

SAD PASSING

City Beat was saddened to learn about the passing this week of Paul Lynch, a well-respected Brisbane journo who served as media manager of Expo 88.

Lynch, 63, died after a long battle with cancer.

Starting out as a cadet at The Daily Telegraph in Sydney, he went on to work for News Corp mastheads around the country, including The Courier Mail and The Australian.

He later served as a media adviser for several Queensland government ministers.

“Affable, good natured, good journo, hated a drink and good time, as we all did,’’ one former colleague recalled.

CHANGING OF THE GUARD

After more than five years in the job, a seasoned operator in the mining game has called it a day at a struggling junior explorer in Brisbane.

We learned on Friday that Rob Neale has quit as chairman and non-executive director of Mayur Resources, which continues to bleed cash as it develops several ambitious projects in PNG.

The company revealed his departure just four days after wrapping up a $2.5 million capital raising.

Launched in 2011, Mayur tapped Neale to join the board ahead of its late 2017 float, which raised $15.5 million from investors.

Rob Neale

Since then, he’s helped oversee the firm’s plans to develop a $US350 million cement and lime project in PNG, as well as the country’s first iron and industrial mineral venture, a $22 million scheme at Orokolo Bay.

Mayur has also started spinning out (or “disaggregating’’ as they say) several of its holdings. Back in February the company floated its copper and gold assets on the Canadian stock exchange after rebadging it and raising $C10.5 million.

“I had been considering retirement for a while but wanted to do that when I had comfort the company was sufficiently mature to transition into its disaggregation phase,’’ Neale told City Beat.

“I remain a shareholder and remain confident in the company’s leadership team and their ability to grow value for shareholders.’’

But the stock remains stuck in the doldrums, last closing at 23 cents.

Mayur suffered a $7.43 million net loss in the December half, taking its accumulated losses to nearly $20 million. Auditors continue to flag a “material uncertainty’’ about its ability to keep trading.

In a career spanning more than 45 years, Neale previously had a long stint as the boss of New Hope Corporation and formerly served as president of the Queensland Resources Council. A 76-year-old UQ-trained geologist, he still acts as chairman of the Port of Newcastle.