Liquidator Peter Dinoris.
Queensland liquidator Peter Dinoris has been forced to enter into an enforceable undertaking with ASIC in relation to the Asden Developments scandal, where Dinoris’s failure to make efforts to contact a director who’d siphoned large sums from a company attracted stiff criticism in the courts.
The subsequent publicity saw Dinoris part company with Vincents and set up Artemis Insolvency.
In a media release published this morning ASIC said: “The CEU follows a Court finding in 2016 by His Honour Justice Reeves, and subsequently in 2017 by the Full Court of the Federal Court, that in December 2010, Mr Dinoris, whilst he was working at a previous firm, had breached section 180(1) of the Corporations Act (the Act) by failing to discharge his duties as the liquidator of Asden Developments Pty Ltd (the company) with the degree of care and diligence of a reasonably competent liquidator.
“The Court found Mr Dinoris did not personally contact the director of the company by telephone after becoming aware that the director withdrew $236,500 from the company’s bank account one day prior to his appointment. The Court also concluded that there was no loss or damage incurred as a result of the breach.
“Based on the Courts’ findings, ASIC gave Mr Dinoris a show cause notice under section 40-40(1) of Schedule 2 of the Act to explain why his registration should continue. Mr Dinoris provided ASIC with information regarding changes in his practices and procedures and ASIC determined ASIC required independent corroboration to be satisfied that Mr Dinoris has implemented those systems and procedures.”
Download the CEU here: https://download.asic.gov.au/media/4852209/030133940.pdf
Further reading:
I would be interested to see what action (criminal or civil) ASIC have taken against the Director that removed the funds, the day before the appointment…