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Liquidator accused of secret stake in predatory lender

Source: afr.com

TL;DR

Renowned liquidator Richard Albarran accused of undisclosed financial interest in Blackbird Capital Group, a lender that appoints him as receiver.[[1]](https://www.afr.com/companies/financial-services/insolvency-boss-accused-of-secret-interest-in-predatory-lender-20260407-p5zlrw)[[2]](https://insolvencynewsonline.com.au/defaulter-moves-to-injunct-hall-chadwick-blackbird)
Blackbird charges up to 60% yearly interest on commercial loans and faces class action probe by Adero Law for unfair practices.[[1]](https://www.afr.com/companies/financial-services/insolvency-boss-accused-of-secret-interest-in-predatory-lender-20260407-p5zlrw)
Raises conflict concerns as Albarran seizes millions in borrower assets for the lender linked to his family trust.[[3]](https://michaelwest.com.au/hall-chadwick-finance-deal-goes-awry)

The story at a glance

A Australian Financial Review article reports accusations against Richard Albarran, head of Hall Chadwick and a top liquidator, for secretly holding a financial interest in Blackbird Capital Group, described as a predatory non-bank lender. Blackbird, probed by class action firm Adero Law, regularly appoints Albarran to recover assets worth millions from defaulting borrowers after charging high interest rates. The story surfaces amid court challenges from borrowers alleging conflicts and unfair loans, building on prior coverage from March 2026.[[1]](https://www.afr.com/companies/financial-services/insolvency-boss-accused-of-secret-interest-in-predatory-lender-20260407-p5zlrw)[[2]](https://insolvencynewsonline.com.au/defaulter-moves-to-injunct-hall-chadwick-blackbird)

Blackbird emerged in private lending networks post-2024, targeting short-term commercial finance amid rising non-bank activity in Australia.

Key points

Albarran's family trust (Albarran Family Trust No. 2) holds a PPSR-registered security interest in Blackbird Mortgage Corporation, one of two secured parties alongside a Hall Chadwick-linked firm.[[2]](https://insolvencynewsonline.com.au/defaulter-moves-to-injunct-hall-chadwick-blackbird)
Borrower Paul Montague Williams claims in Federal Court that Albarran proposed his mid-2025 loan from Blackbird and has a "pecuniary interest" in it; seeks to remove receivers Albarran and Brent Kijurina.[[2]](https://insolvencynewsonline.com.au/defaulter-moves-to-injunct-hall-chadwick-blackbird)
Adero Law's lawyer Zack Mason aired the allegations before Justice Michael Lee; court issued temporary orders restraining asset dealings.[[2]](https://insolvencynewsonline.com.au/defaulter-moves-to-injunct-hall-chadwick-blackbird)
Separate case: Boat operator Daniel Brown alleges his $470,000 July 2024 Blackbird-linked loan ballooned to $1.2m, with Albarran appointed receiver twice, extracting fees via refinancing.[[3]](https://michaelwest.com.au/hall-chadwick-finance-deal-goes-awry)
Blackbird loans marketed as commercial to sidestep consumer protections, risking guarantors' homes; up to 60% annual interest reported.[[1]](https://www.afr.com/companies/financial-services/insolvency-boss-accused-of-secret-interest-in-predatory-lender-20260407-p5zlrw)
Receivers' lawyer Chris Pearce says they "don’t necessarily accept" the claims; no direct comment from Albarran.[[2]](https://insolvencynewsonline.com.au/defaulter-moves-to-injunct-hall-chadwick-blackbird)

Details and context

Court filings reveal a PPSR entry tying Albarran Family Trust to Blackbird Mortgage Corporation, raising independence red flags for insolvency practitioners who must disclose relationships with appointors. Borrowers like Williams (wine maker, lost grape crop and gold royalties) and Brown (tour operator, vessel seized halting charity cruises) say loans spiralled due to high fees and rapid enforcement.[[3]](https://michaelwest.com.au/hall-chadwick-finance-deal-goes-awry)[[2]](https://insolvencynewsonline.com.au/defaulter-moves-to-injunct-hall-chadwick-blackbird)

Adero Law's probe targets Blackbird's practice of classifying personal-use loans as "business" facilities, dodging the National Consumer Credit Protection Act and exposing guarantors to unlimited liability. This fits a pattern in Australia's private credit boom, where non-banks fill gaps left by banks but face scrutiny over aggressive recovery tactics.

Hall Chadwick, where Albarran is managing partner, handles high-profile insolvencies; past cases show regulators like ASIC stress conflict avoidance, though no ban exists on secured interests if disclosed.

Key quotes

Williams' lawyer Zack Mason (Adero Law) in court: “Mr Albarran proposed that loan and that Mr Albarran has a pecuniary interest in Blackbird.”[[2]](https://insolvencynewsonline.com.au/defaulter-moves-to-injunct-hall-chadwick-blackbird)
Receivers' lawyer Chris Pearce (Blackwall Legal): “The receivers don’t necessarily accept the broad substantive position alleged against them.”[[2]](https://insolvencynewsonline.com.au/defaulter-moves-to-injunct-hall-chadwick-blackbird)

Why it matters

Undisclosed ties between liquidators and high-interest lenders could undermine trust in Australia's insolvency system, where practitioners seize assets without court oversight. Borrowers facing 60% rates and rapid receiverships risk homes and businesses, while investors question practitioner impartiality. Watch Adero Law's class action progress and any ASIC probe, though Albarran denies broad claims and outcomes remain uncertain.[[1]](https://www.afr.com/companies/financial-services/insolvency-boss-accused-of-secret-interest-in-predatory-lender-20260407-p5zlrw)[[4]](https://www.aderolaw.com.au/unfair-loans/blackbirdcapital)