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15-159MR CALDB admonishes Queensland liquidator
ASIC notes the decision by disciplinary body, the Companies Auditors and Liquidators Disciplinary Board (CALDB), to admonish a Queensland-based registered liquidator.
The decision follows an ASIC investigation into Jonathan Paul McLeod, principal of insolvency firm McLeod & Partners Pty Ltd. ASIC’s investigation focused on Mr McLeod’s conduct as a liquidator and a voluntary administrator.
ASIC examined 17 external administrations which Mr McLeod was appointed to in the period from 2008 to 2012. ASIC brought 24 contentions against Mr McLeod, 13 of which were established. Seven were not established and four were withdrawn.
In making its orders, the CALDB found Mr McLeod failed to:
- lodge with ASIC, on numerous occasions, a report regarding suspected offences as soon as practicable after he became aware of the possible offences
- provide a remuneration report to creditors
- properly declare his independence to creditors on numerous occasions
- properly consider whether he was disqualified from consenting to act as a liquidator, and
- open a liquidator's general account and deposit all money received into that account not later than seven days after receipt.
ASIC’s actions against registered liquidators include:
- accepting an EU from Perth liquidator, Ross Stephen Thomson, who agreed to not accept any appointments for three months other than a joint and several appointment with another registered liquidator, to improve his systems and procedures, repay $24,200 in remuneration not properly approved and appoint an independent expert to review his practices (refer: 15-079MR).
- accepting an EU from Victorian liquidator, Colin Roland Tuckwell, who has agreed to improve his systems and procedures and have his practice reviewed by an independent expert (refer: 15-030MR).
- 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).
- cancelling the registration of liquidator Mark Darren Levi following a successful application by ASIC to the CALDB (refer: 13-227MR)
- 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).
- 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).
This media release was updated on 2 September 2015 to reflect the correct wording of the decision.