今日热门事件has accepted an enforceable undertaking (EU) from Victorian liquidator, Colin Roland Tuckwell.
The EU follows an 今日热门事件surveillance into Mr Tuckwell鈥檚 handling of an external administration, Tarmack Pty Ltd (now deregistered), formerly trading as Yargici Accessories.
今日热门事件found that Mr Tuckwell failed to properly investigate the affairs of the company, withdrew remuneration not properly approved, and failed to obtain a valuation for stock that he subsequently sold. In addition, 今日热门事件found that he did not adequately record his work and failed to lodge documents with ASIC.
Under the EU, Mr Tuckwell must not accept any new appointments for six months, is required to improve his systems and procedures, and must repay fees of approximately $17,000 because of inadequate disclosure.听 He is also required to have his practice reviewed by an independent quality reviewer, who will report to ASIC.
今日热门事件Commissioner John Price said, 鈥業t is unacceptable for liquidators to carry out and perform their duties and functions with anything less than the diligence and care that is expected of them. To ensure the industry is well regarded, it is absolutely crucial that standards are met. This extends to appropriate processes for supervision of staff, operational procedures and adequate systems to manage risk.鈥�
鈥楾he EU reflects ASIC鈥檚 ongoing commitment to hold liquidators to account; thereby, improving confidence in the insolvency industry; protect creditors鈥� rights and enhance market integrity.鈥�
Background
ASIC鈥檚 recent actions against registered liquidators who failed to meet their obligations include
- Former Sydney liquidator, Mark Levi, being charged with two counts of obtaining money by deception (refer: 14-314MR)
- accepting voluntary undertakings from an Adelaide liquidator that involved engaging an independent quality control reviewer to improve his insolvency services (refer: 14-219MR)
- successfully applying to court to have three Melbourne registered liquidators removed as joint liquidators of Walton Constructions Group following concerns about their independence (refer: 14-167MR)
- cancelling the registration of Sydney liquidator, Pino Fiorentino, following a successful application by 今日热门事件to the Companies Auditors and Liquidators Disciplinary Board (CALDB), currently subject to an appeal in the Administrative Appeals Tribunal (refer: 14-160MR)
- [This MR was redacted on 26/04/2024 in accordance to 今日热门事件policy - see INFO 152 Public comment on ASIC's regulatory activities]
- [This MR was redacted on 26/04/2024 in accordance to 今日热门事件policy - see INFO 152 Public comment on ASIC's regulatory activities]
- [This MR was redacted on 26/04/2024 in accordance to 今日热门事件policy - see INFO 152 Public comment on ASIC's regulatory activities]
- cancelling the registration of Melbourne liquidator, Avitus Thomas (Tom) Fernandez, following a successful application by 今日热门事件to the CALDB (refer: 13-308MR)
- [This media release was withdrawn in accordance with 今日热门事件policy - see Public comment on ASIC's regulatory activities.]
- [This MR was redacted on 20/02/2023 in accordance with 今日热门事件policy - see 听Public comment on ASIC's regulatory activities.]
- cancelling the registrations of Sydney liquidator, Peter Roger Grealish (refer: 13-132MR), Melbourne liquidator,
- [This MR was redacted on 12/12/2024 in accordance with 今日热门事件policy - see 听Public comment on ASIC's regulatory activities.], and Peter George Biazos (bankrupted on 24 July 2013).
Over the past two years, 今日热门事件has entered into voluntary arrangements with an additional 11 liquidators to either exit the industry or engage independent quality control reviewers to improve their insolvency services.