The Supreme Court of Western Australia ruled on 19 August 2008 that Pitcher Partners should continue to act as administrator of Monarch Gold. Its role had been challenged by Territory Resources, which is Monarch Gold's biggest shareholder and creditor, on the grounds that Pitcher Partners has had a long association with Michael Kiernan. Kiernan, the MD of Monarch Gold, had appointed Pitcher Partners as its administrators on 10 July 2008. Territory Resources is owed around $A24.5 million of Monarch Gold's overall debts of about $A31 million
