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Thursday 8 November 2018

18-339MR Queensland liquidator committed on fraud charges

Mr David John Leigh, 56, of Sherwood, Queensland, has been committed by the Brisbane Magistrates’ Court on fraud charges and will be sentenced by the Brisbane District Court following an investigation by ASIC.

ASIC alleges that between 25 July 2017 and 9 November 2017, Mr Leigh, as the co-liquidator of Neolido Holdings Pty Ltd (Neolido), dishonestly redirected $800,000 from the Neolido external administration bank account into a bank account that he controlled. Mr Leigh then used the funds for his own purposes.

Mr Leigh, after formally entering a plea of guilty, was committed for sentence before the Brisbane District Court on a date to be fixed in relation to three counts of fraud under section 408C(1)(D) of the Criminal Code 1899 (Qld).

Under section 408C(2A) of the Criminal Code 1899 (Qld), the maximum penalty for an offence of fraud is 20 years’ imprisonment where the property value is at least $100,000.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

Background

Neolido Holdings Pty Ltd (in Liquidation) was a property development company based in South Brisbane that was wound up on 25 November 2005 pursuant to a court order obtained by ASIC. On 14 October 2010, Mr Leigh, who was then a partner of PPB Advisory, was appointed as a co-liquidator of the company. 

On 2 March 2018, ASIC suspended Mr Leigh’s registration as a company liquidator following receipt of an application by him, formally lodged on 28 February 2018. Mr Leigh agreed to resign as external administrator of all his current appointments and ASIC exercised its powers to appoint replacement liquidators to 16 companies to which Mr Leigh had been appointed as sole liquidator. 

On 20 March 2018, Mr Andrew Fielding and Ms Helen Newman of BDO Business Restructuring were appointed as co-liquidators of Neolido. 

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Last updated: 08/11/2018 02:05