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 meet his obligations to creditors, including failing to advertise a creditor’s meeting, failing to lodge legally required forms – and lodging others late – errors in reporting and a failure to comprehensively outline Unique Urban Built’s financial position”.

INO makes no suggestion of wrongdoing.

The complaint was authored and sent to ASIC by Adelaide-based turnaround advisor Eddie Griffith, reportedly on behalf of creditors.

According to IN Daily Jorgensen responded to its inquiries in an email in which he said he intended to remain liquidator of Unique Urban Built and was preparing a report to creditors that would address the concerns outlined in Griffith’s complaint.

“I am in the process of writing a report to creditors which addresses these matters,” the PKF partner reportedly replied, adding that he hoped to distribute the report to creditors as early as today.

INO contacted Jorgensen for comment but he was unavailable.

Griffith did not return calls prior to deadline. Please take a moment to support INO’s continued chronicling of the insolvency profession.

About the Author

Peter Gosnell
Insolvency News Online illuminates the practice of insolvency Australia-wide, highlighting the triumphs and travails of the nation’s registered practitioners and the accounting and legal professionals who work with them. INO is produced by Peter Gosnell, former business editor and senior business reporter at The Daily Telegraph newspaper. During a decade-long career, your correspondent reported on such notable corporate collapses as HIH, One.Tel, Westpoint and Fincorp as well as some of the nation's highest profile bankruptcies and the investigations and prosecutions arising from Australia's most notorious instances of white-collar crime.

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