ASIC

ASIC extracts guilty pleas from pre-insolvency advisers

The corporate cop has secured a much needed win after two pre-insolvency advisers pleaded guilty to money laundering. In a statement yesterday ASIC said that Stephen O’Neill of Port Melbourne, Victoria and John Narramore, of Main Beach Queensland had both pleaded guilty in the Brisbane District Court to one charge of dealing in the proceeds of crime. The hapless client who engaged them – Cap…


Liquidator Peter Amos subject of RevLiq scrutiny

Subject to a RevLiq: Amos Insolvency’s Peter Amos. Editor’s Note: iNO reported in an earlier version of this story that AAF funds would be recovered via the Industry Funding Levy. ASIC has since advised that this is NOT the case. After reporting last week on the appointment by ASIC of two Reviewing Liquidators (RevLiqs) iNO has learned that one of the unfortunates under review is…


Reviewing liquidator engagements to test ASIC

Worrells partner Simon Cathro. Brooke Bird’s Robyn Erskine. Apart from ASIC’s April 2019 Corporate Insolvency Update there’s been precious from the regulator in regards to the work of the Reviewing Liquidator’s (RevLiq) Panel, set up at the beginning of the year to give effect to the Insolvency Law Reform Act 2016 (ILRA 2016) reforms. iNO had hoped that would change this week after we sent…


The ASIC investigation that went nowhere … or did it?

John Kukulovski. Andrew Ngo. In the final months of 2015, a most irregular meeting took place between two senior partners of Jirsch Sutherland and a team of ASIC officers. Information obtained by iNO shows that the aim of the November 24, 2015 meeting was to canvass issues relating to a supposed “confession” made by Andrew Ngo, a former Jirsch director who joined Mackay Goodwin in…


Wedding 5 years earlier too soon for ASIC

Many will have seen the 12th ASIC Corporate Insolvency Update land in their email inboxes yesterday but iNO wonders how many clicked on the first case study, which details, without naming names, a curious story about a wedding to illustrate the extent of the precautions ASIC expects liquidators to take when assessing potential threats to their independence. Independence is always a hot topic and this…


Liquidator referred to Schedule 2 Committee

Chan & Naylor’s John Kukulovski. When we divulged last week that Jirsch Sutherland partner Liam Bellamy had defected to rival Chan & Naylor, iNO speculated that Chan & Naylor may have wanted another qualified practitioner to join its one and only Registered Liquidator, Trajan John Kukulovski. iNO thought the poaching raid might’ve been a sign Chan & Naylor was intent on being able accept joint…


ASIC and Macks square off again ahead of inquiry

Liquidator Peter Macks. The corporate regulator and liquidator Peter Macks continue to skirmish ahead of a long delayed judicial inquiry into Macks’ conduct on liquidations commenced more than a decade ago. In the latest confrontation, a South Australian Supreme Court judge has refused ASIC’s bid to expand the scope of the proposed inquiry whilst simultaneously denying Macks’ application for a permanent stay. The detail is…


Liquidator awaiting disciplinary outcome

BPS Recovery’s Mitchell Ball. Liquidator Mitchell Ball has some tense weeks ahead following his referral to a schedule 2 disciplinary Committee by ASIC. According to a Form 986 attached to his entry on ASIC’s Professional Registers list, the BPS Recovery partner was issued with the referral in March this year. The Form 986 refers to alleged misconduct outlined in a show cause notice under three…


Liquidators ordered to repay almost $2 million

Liquidator John Sheahan. Federal Court Judge Tony Besanko has detonated the judicial equivalent of small nuclear device in the vicinity of Ian Lock and John Sheahan, ruling the pair must repay 30 per cent of almost $5.8 million in fees that they’ve been paid as administrators and liquidators of the Cedenco JV Australia Group. In determining the quantum of the reduction – first flagged in…


ASIC goes whole hog, forcing Ferriers out of GD Pork

Ferrier Hodgson’s Martin Jones. Ferrier Hodgson’s Andrew Smith. It’s not often INO uncovers a story about insolvency practitioners that involves unauthorised boar semen from foreign parts but the recent hand over by Ferrier Hodgson of the GD Pork Pty Ltd administration to FTI Consulting provides such an opportunity. Not that the yarn is about unauthorised boar semen illegally imported. It’s about Ferriers’ partners Martin Jones…