ASIC has referred Aston Chace co-principal Steve Naidenov to a schedule 2 disciplinary committee following the issuance of a show cause notice.
According to a Form 986 posted on ASIC’s website, Naidenov has allegedly contravened a provision of the Corporations Act’s Insolvency Practice Schedule, has failed to carry out his duties as a liquidator and is not a fit and proper person to be registered as a liquidator.
Naidenov did not respond to requests for comment by iNO’s deadline but he has had his share of issues, some of which have been chronicled by this publication.
In September 2020 Naidenov was stripped of his ARITA membership “for failing to provide a reasonable response to ARITA’s inquiries regarding his conduct in relation to a complaint received by ARITA and issues associated with the decision in Commissioner of Taxation v Iannuzzi (No 2) [2019] FCA 1818”.
In 2018 Naidenov and former colleague and disgraced ex-liquidator David Iannuzzi were subject to a public examination brought by the FEG Recovery Unit in relation to their appointments as liquidators of the MK Floors Group of Companies (MK Group).
FEG is seeking $1.5 million from Naidenov and Iannuzzi, who were appointed liquidators of the MK Floors Group in mid-November, 2016.
The appointment had been referred to Iannuzzi and Naidenov by colourful accounting identity Achilles “Big Al” Constantinidis.
During his examination counsel for the FEG Recovery Unit asked Naidenov if he was aware that a restructuring engineered by Constantinidis prior to the liquidators’ appointments was a phoenix.
Naidenov rejected the inference and remains as sole liquidator of the MK Group, unlike Iannuzzi who relinquished his liquidator’s registration and accepted a 10 year ban in 2019.
Unfortunately for Naidenov, the issues that tainted Iannuzzi are issues that can infect entire firms and Naidenov was a senior member of Iannuzzi’s scandal-plagued Veritas Advisory from 2013 to 2020 before exiting to join Aston Chase, which was formed that year by fellow former Veritas colleague Vincent Pirina.
Further reading:
MK liquidator floored by phoenix allegation
Veritas And CBA Content With Constantinidis
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