The Companies Auditors and Liquidators Disciplinary Board (CALDB) has admonished a Queensland-based registered liquidator, the 19th since 2008 that the board has taken action against.
This follows an Australian Securities and Investments Commission (ASIC) investigation into Jonathan Paul McLeod, principal of conduct as a liquidator and a voluntary administrator.
ASIC examined 17 external administrations which McLeod was appointed to during 2008 to 2012. ASIC brought 24 contentions against McLeod, 13 of which were established, seven not established, and four withdrawn.
The CALDB found McLeod failed to:
- lodge with ASIC, on numerous occasions, a report regarding suspected offences as soon as practicable after he became aware of the possible offences;
- provide a remuneration report to creditors;
- properly declare his independence to creditors on numerous occasions;
- properly consider whether he was disqualified from consenting to act as a liquidator; and
- open a liquidator’s general bank account within seven days of appointment.
The board, an independent statutory body established by ASIC, since 2008 has taken action against 19 registered liquidators including:
- accepting four enforceable undertakings;
- accepting one voluntary undertaking;
- cancelling six liquidator registrations;
- suspending two liquidator registrations;
- applying to court to have three Melbourne registered liquidators removed as joint liquidators; and
- obtaining court orders prohibiting the re-registration of a liquidator.
