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15-030MR ASIC accepts enforceable undertaking from Victorian liquidator
ASIC has accepted an enforceable undertaking (EU) from Victorian liquidator, Colin Roland Tuckwell.
The EU follows an ASIC surveillance into Mr Tuckwell’s handling of an external administration, Tarmack Pty Ltd (now deregistered), formerly trading as Yargici Accessories.
ASIC found that Mr Tuckwell failed to properly investigate the affairs of the company, withdrew remuneration not properly approved, and failed to obtain a valuation for stock that he subsequently sold. In addition, ASIC found that he did not adequately record his work and failed to lodge documents with ASIC.
Under the EU, Mr Tuckwell must not accept any new appointments for six months, is required to improve his systems and procedures, and must repay fees of approximately $17,000 because of inadequate disclosure. He is also required to have his practice reviewed by an independent quality reviewer, who will report to ASIC.
ASIC Commissioner John Price said, ‘It is unacceptable for liquidators to carry out and perform their duties and functions with anything less than the diligence and care that is expected of them. To ensure the industry is well regarded, it is absolutely crucial that standards are met. This extends to appropriate processes for supervision of staff, operational procedures and adequate systems to manage risk.”
‘The EU reflects ASIC’s ongoing commitment to hold liquidators to account; thereby, improving confidence in the insolvency industry; protect creditors’ rights and enhance market integrity.’
ASIC’s recent actions against registered liquidators who failed to meet their obligations include
- Former Sydney liquidator, Mark Levi, being charged with two counts of obtaining money by deception (refer: 14-314MR)
- accepting voluntary undertakings from an Adelaide liquidator that involved engaging an independent quality control reviewer to improve his insolvency services (refer: 14-219MR)
- successfully applying to court to have three Melbourne registered liquidators removed as joint liquidators of Walton Constructions Group following concerns about their independence (refer: 14-167MR)
- cancelling the registration of Sydney liquidator, Pino Fiorentino, following a successful application by ASIC to the Companies Auditors and Liquidators Disciplinary Board (CALDB), currently subject to an appeal in the Administrative Appeals Tribunal (refer: 14-160MR)
- accepting an EU from Perth liquidator, Simon Roger Coad, who has agreed to improve his systems and procedures and have his practice reviewed by an independent quality reviewer (refer: 14-089MR)
- suspending the registration of liquidator, Alan Godfrey Topp, for six months from 1 May 2014 following a successful application by ASIC to the CALDB (refer: 14-088MR)
- suspending Sydney liquidator, William James Hamilton’s, registration for six months from 3 June 2014, following a successful application by ASIC to the CALDB (refer: 14-080MR)
- cancelling the registration of Melbourne liquidator, Avitus Thomas (Tom) Fernandez, following a successful application by ASIC to the CALDB (refer: 13-308MR)
- obtaining court orders prohibiting the re-registration of Melbourne liquidator, Andrew Leonard Dunner (refer: 13-239MR)
- accepting an EU from Sydney liquidator, Ian Lawrence Struthers, who agreed to ASIC cancelling his registration as a liquidator for a minimum of three years (refer: 13-034MR), and
- cancelling the registrations of Sydney liquidator, Peter Roger Grealish (refer: 13-132MR), Melbourne liquidator, Paul Anthony Pattison (refer: 13-033MR), and Peter George Biazos (bankrupted on 24 July 2013).
Over the past two years, ASIC has entered into voluntary arrangements with an additional 11 liquidators to either exit the industry or engage independent quality control reviewers to improve their insolvency services.