media release (15-224MR)

ASIC cancels registration of liquidators

Published

ASIC has cancelled the registration of two registered liquidators as part of an ongoing surveillance project targeting non-compliance with fundamental obligations.

Christopher John McCroary of Moorebank, New South Wales, and Christopher James Fawcett of Traralgon, Victoria, requested that ASIC cancel their registration. Mr McCroary and Mr Fawcett are no longer permitted to practise as liquidators and have undertaken to ASIC that they will not re-apply for registration as liquidators.

ASIC’s project work highlighted concerns that Mr McCroary and Mr Fawcett were not adequately and properly performing their duties and functions as registered liquidators. The work also identified Mr McCroary’s lack of corporate insolvency experience since becoming registered.

ASIC Commissioner John Price said, ‘We are passionate about lifting standards and ensuring liquidators comply with the law so as to promote a fair, orderly and transparent insolvency market. Our work identifying failure to comply with basic obligations can highlight more systemic issues which will lead to ASIC enforcement action. ’

Background

In 2013, ASIC launched a project to test all registered liquidators’ compliance with the requirement to publish certain notices on ASIC’s published notices website and lodge documents with ASIC. The project continues.

Cancellation for both Mr McCroary and Mr Fawcett took effect on 29 July 2015, following the finalisation of their remaining external administrations and the satisfactory completion of outstanding lodgements. Mr McCroary and Mr Fawcett have appropriate run-off cover insurance to ensure creditors’ positions are protected.

ASIC’s recent outcomes and activities in the insolvency space include: 

  • The previous administrators of land banking company, Midland HWY, Hall Chadwick’s Richard Albarran and David Ross, resigning following ASIC legal action (15-203MR)
  • ASIC also notes the decision by the CALDB to admonish Queensland-based registered liquidator, Jonathan Paul McLeod, following an ASIC investigation which focused on Mr McLeod’s conduct as a liquidator and a voluntary administrator (refer: 15-159MR)
  • Intervening in private court proceedings involving South Australian liquidator, Peter Ivan Macks, to remove him as liquidator of two companies and to appoint a new liquidator (refer: 15-111MR)
  • accepting an enforceable undertaking (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 agreed to improve his systems and procedures and have an independent expert review his practice  (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 liquidators of Walton Constructions Group following concerns about their independence (refer: 14-167MR).
  • cancelling the registration of Sydney liquidator, Pino Fiorentino, following ASIC's successful application to the Companies Auditors and Liquidators Disciplinary Board (CALDB), (currently subject to an appeal in the Administrative Appeals Tribunal) (refer: 14-160MR).
  • cancelling the registration of Wagga Wagga liquidator, Stephen Alan Jay (refer: 14-128MR)
  • accepting an EU from Perth liquidator, Simon Roger Coad, who agreed to improve his systems and procedures and have an independent quality reviewer review his practice (refer: 14-089MR).
  • suspending the registration of liquidator, Alan Godfrey Topp, for six months from
    1 May 2014 following ASIC's successful application to the CALDB (refer: 14-088MR).
  • suspending Sydney liquidator, William James Hamilton’s, registration for six months from 3 June 2014, following ASIC's successful application to the CALDB (refer: 14-080MR).
  • cancelling the registration of Melbourne liquidator, Avitus Thomas (Tom) Fernandez, following ASIC's successful application to the CALDB (refer: 13-308MR).
  • [This media release was withdrawn in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]
  • cancelling the registration of liquidator Mark Darren Levi following ASIC's successful application by ASIC to the CALDB (refer: 13-227MR). In November 2014, the CDPP charged Mr Levi with various offences, including obtaining money by deception
    (refer: 14-314MR)
  • [This MR was redacted on 20/02/2023 in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]
  • 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).
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