As Peter Andrew Amos prepares to face sentencing and possible incarceration, liquidators of his former practice are focussing on the disgraced insolvency practitioner’s wife as a potential source of recoveries.
“We are not, based on preliminary searches and enquiries, aware of any significant assets owned by the Director, apart from his interest in certain matrimonial assets subject to ongoing Family Law court proceedings.” Wayne Marshall and Alan Hayes.
In a report issued to creditors earlier this month, Wayne Marshall and Alan Hayes of Hayes Advisory detailed questionable transfers of funds out of Amos Insolvency totalling almost $1 million.
The recipient and beneficiary of those funds was they said, Amos’s wife.
“We have identified various payments to or for the benefit of Mrs Belinda Amos, the Director’s spouse, totalling circa $970,000,” they said.
“Hence, we have issued a demand to Ms Amos for her payment of that sum and await a response.”
iNO makes no suggestion of wrongdoing in relation to Ms Amos who has not been charged with any crime.
The liquidators’ focus is being driven by an assessment of the company’s management accounts and their conclusion that Amos, who is Amos Insolvency’s sole director, is impecunious.
“The Company’s Balance Sheet (management accounts) as at 6 March 2024 records various significant debit loan balances owing to the Company however these have not been quantified by the Director in his ROCAP and we expect these loan amounts are unlikely to be recoverable due to the Director’s apparent dire financial position and pending sentencing in the District Court of NSW,” the liquidators said.
“We are not, based on preliminary searches and enquiries, aware of any significant assets owned by the Director, apart from his interest in certain matrimonial assets subject to ongoing Family Law court proceedings.”
According to Marshall and Hayes report unsecured and unrelated creditors are owed almost $6 million and any dividend is uncertain but the issuance of a demand does at least position Amos Insolvency creditors in a potentially better place than creditors of some of the 83 external administrations transferred from Amos to EY’s Robyn Duggan in February 2023.
In a report to the creditors of Mickon Pty Ltd Duggan said legal advice she’d obtained suggested there was no point seeking freezing orders over the sale proceeds of a residential property held in the name of Belinda Amos which Ms Amos sold in March 2023 for $2.68 million, a month after her husband was interviewed by officers from ASIC.
Peter Amos is due to return to the court for sentencing on June 17, 2024.
Further reading:
Ex-Liquidator to be sentenced for $2.5 million theft
Practitioner self suspends as questions asked about $3m
Accidental deregistration costs embattled IP $10k
Liquidator Amos examined by PwC pair
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