ASIC has cancelled the registration of Adelaide-based liquidator, Daryl Charles Emmerson.

Mr Emmerson, principal of accounting firm, Chancellor Group, requested that ASIC cancel his liquidator’s registration following ASIC raising concerns with Mr Emmerson’s insolvency practice and his conduct of an external administration.

ASIC reviewed Mr Emmerson’s handling of the external administration ACN 135 704 559 Pty Ltd (formerly known as, JB Electrical Contracting Pty Ltd) and identified concerns surrounding the adequacy of: remuneration disclosure; independence disclosure; documentation regarding investigations; securing assets in a timely manner; and practice systems and processes, including documentation of work carried out.

The negotiated arrangement to cancel Mr Emmerson’s registration also involved Mr Emmerson engaging an independent quality reviewer to report to ASIC to provide confidence that he was adequately complying with his duties to finalise the external administration.

Mr Emmerson is also required to provide ASIC with 1 months’ notice should, at any time in the future, he seek to be registered as a liquidator.

ASIC Commissioner John Price said, ‘Where we see instances of liquidators not having adequate systems and processes in place, not complying with disclosure obligations, and lacking documentation, ASIC will continue to act to ensure the standards of the industry are maintained.’

Background

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

• cancelling the registration of liquidators Christopher John McCroary and Christopher James Fawcett as part of an ongoing surveillance project targeting non-compliance with fundamental obligations (refer: 15-224MR)
• 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)
• [This MR was redacted on 26/04/2024 in accordance to ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities]
• [This MR was redacted on 26/04/2024 in accordance to ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities]
• [This MR was redacted on 26/04/2024 in accordance to ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities]
• 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).

Editor's note:

ASIC edited this media release on 27 August 2015 to correct the term of an undertaking accepted by the parties.