ASIC

Deloitte undertaking liquidator survey despite dispute

ASIC’s Thea Eszenyi. You wouldn’t know it based on the Australian Financial Review’s (AFR) headline this morning but Deloitte and ASIC are in fact still speaking to each other and registered liquidators should be worried. The Fin’s Professional Services editor Edmund Tadros reported that Deloitte had laid into ASIC after the regulator apparently determined Deloitte’s 32 per cent audit quality problem rate ranked well above…


Liquidator admits errors on Unique Urban Built

Liquidator Paul Jorgensen. PKF Adelaide partner Paul Jorgensen has reportedly attended to a range of deficiencies in his handling of the liquidation of South Australian builder Unique Urban Built after the issues were helpfully brought to ASIC’s attention by turnaround advisor Eddie Griffiths. Local media outlet InDaily reported this week that in a May 22 report to creditors, Jorgensen admitted that creditors had not been…


IP’s days look numbered

Artemis Insolvency’s Peter Dinoris. Queensland liquidator and trustee in bankruptcy Peter Dinoris could be preparing to exit the formal end of the insolvency game after the IP transferred dozens of files to a rival. The Supreme Court of Queensland this week made orders transferring 44 of Dinoris’s court liquidations (CLs) and creditors voluntary liquidations (CVLs) to Jonathan McLeod and Bill Karageozis of McLeod Partners. INO…


PKF Adelaide partner cops complaint to ASIC

PKF Chairman of Partners Paul Jorgensen. PKF chairman of partners Paul Jorgensen has reportedly been the subject of a complaint to ASIC over alleged inadequacies in his handling of the liquidation of South Australian residential builder Unique Urban Built Pty Ltd. Adelaide’s In Daily yesterday reported that Jorgensen was facing a “creditors’ revolt” and that the complaint to ASIC identified “ten separate alleged failures to…


Liquidators to pay for ASIC’s litigation losses

Despite a court finding there was no phoenix activity ASIC persists in identifying one current and one former liquidator as having been prosecuted for phoenix activity. Once ASIC’s bid for an inquiry into ex-liquidator Andrew Wily and current practitioner David Hurst was dismissed with orders that the regulator also pay the respondents’ costs some among INO’s audience began to articulate the inevitable question. Will ASIC’s…


Judge labels ASIC vexatious as inquiry bid quashed

Don’t be fooled he’s thrilled. Liquidator David Hurst (R) with lawyer Joe Scarcella. An application for a judicial inquiry into the conduct of Andrew Wily and David Hurst has been dismissed with the judge describing the corporate regulator’s pursuit of Wily as vexatious. Delivering judgment in the NSW Supreme Court yesterday, Justice Paul Brereton apologised for the time it had taken him to provide a…


VA still valid when solvency verdict’s not

Pitcher Partners WA chief Bryan Hughes. The Supreme Court of West Australia has ruled that an appointment of an administrator is still valid even if not all the directors of the insolvent entity could have made a determination about solvency at the time. The ruling was made in Bryan Kevin Hughes as joint and several liquidators of Traditional Therapy Clinics Limited (In liq) [2019] WASC…


David Leigh sentenced to seven years

Ex-PPB Advisory partner David John Leigh. Former PPB Advisory Brisbane partner David John Leigh, 56 of Sherwood in Queensland has been sentenced to seven years gaol after pleading guilty late last year to stealing $800,000. Leigh was sentenced last Friday in the Brisbane Magistrates Court and must serve a minimum 22 months before being eligible for parole. The three charges relate to the theft of…


Overdue levies halve as ASIC deadline approaches

The dollars have clearly been pouring into ASIC’s industry funding account in recent days. How else to explain the halving in the sum of liquidator levies in arrears between last week and yesterday? On Friday the regulator alerted the profession that while invoices issued to “the registered liquidators sub-sector totalled approximately $6.8 million”, it had as at March 18, 2019 collected approximately $6.4m. Even a…


Referrer role confers no immunity

Cor Cordis partner Mark Hutchins. It can’t be too often that an insolvency practitioner is responsible for the laying of criminal charges against his or her own referrer, but the resume of Cor Cordis partner Mark Hutchins now boasts this curious distinction. This follows the news that a company director and two pre-insolvency advisors appeared in the Brisbane Magistrates Court last week on charges including…