media release (16-241MR)

NSW liquidator's registration cancelled, but orders temporarily stayed pending appeal

Published

On 11 May 2016, the Companies Auditors and Liquidators Disciplinary Board (CALDB) delivered its decision to cancel the registration of Sydney liquidator, Mr Randall Clinton Joubert.

ASIC successfully contended before CALDB that, while conducting five liquidations, four of which had been referred to him by the same accountant, Mr Joubert failed to adequately and properly carry out the duties of a liquidator and that Mr Joubert was no longer a fit and proper person to remain registered as a liquidator.

ASIC was successful in 43 of its contentions, with three unsuccessful and eight withdrawn during the course of the hearing.

Amongst its findings, the CALDB found that Mr Joubert:

  • failed to disclose a relevant relationship and made false declarations in his Declarations of Relevant Relationships and Indemnities (DIRRIs) in connection with two companies;
  • failed to disclose indemnities received and made false declarations in his DIRRIs  and amended DIRRIs in connection with four companies;
  • lodged various forms or reports with ASIC that were deficient and/or contained false or misleading statements;
  • failed to take all or any of the necessary steps that a reasonably competent liquidator would be expected to take to investigate the affairs of the companies;
  • did not have proper or adequate systems or practices to ensure that information sent to creditors was up to date, accurate and cogent and that forms lodged with ASIC were accurate and did not contain false or misleading statements or information in respect of five companies; and
  • received a remuneration cheque for the liquidation of a deregistered company while not being the liquidator, and retained the funds after having opened a bank account as liquidator of the company instead of remitting the funds as unclaimed monies to ASIC.

ASIC Commissioner John Price said, "The CALDB's decision reinforces the requirement for registered liquidators to act independently and competently to meet both their statutory duties and professional standards."

"A registered liquidator's primary obligation is to creditors, who rely on registered liquidators to act in accordance with the law, disclose prior relationships, make true declarations and apply monies received in the course of administering companies appropriately."

Mr Joubert has applied to the Administrative Appeals Tribunal for a review of the penalty imposed by CALDB , and the AAT has stayed CALDB's cancellation decision until it has decided Mr Joubert's application, upon terms that Mr Joubert:

  1. does not accept any appointments  that require him to be registered as a liquidator pending the determination of the AAT review application; and
  2. notify all stakeholders (directors, shareholders and creditors) of his current external administrations of CALDB's decision to cancel his registration by providing them with access to the CALDB decision and reasons along with a copy of the AAT orders granting the stay.

A date for the hearing of Mr Joubert's review application has not been fixed.

Background

At the time of his conduct, Mr Joubert was the sole practitioner at Joubert Insolvency.

The CALDB is an independent statutory body under the Corporations Act that has the power to cancel or suspend the registration of a liquidator or auditor.

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