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ASIC has indefinitely suspended the registration of a Sydney liquidator after the alleged misappropriation of almost $240,000 from liquidation accounts under her charge.
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Insolvency partner sacked, suspended by ASIC for $240k fraud
20 December 2018
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9 minute read
The corporate regulator has suspended the registration of Amanda Young as a liquidator indefinitely, with effect from 18 December 2018.
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Ms Young, a Jirsch Sutherland partner, has been sacked, and has resigned all her external administration appointments, with Justice Ashley Black of the Supreme Court of NSW appointing managing partner Bradd Morelli and partners Trent Devine and Andrew Spring to her files.
It is understood that Ms Young had been the sole appointee to 22 companies as an external administrator.
In a statement to Accountants Daily, Mr Morelli said investigations had found that $238,502.23 had been inappropriately taken from four liquidation accounts and directed to accounts operated or controlled personally by Ms Young.
The four liquidation accounts include Mamak Pty Limited (in liquidation), Roller Poster Company Pty Limited (in liquidation), St Gregory’s Armenian School Inc (in liquidation) and Admark Property Group Pty Limited (in liquidation).
A further $45,000 was recovered from solicitors’ trust accounts but Mr Morelli believes that the law firms were not involved in the alleged misconduct.
“In each case, these transfers took place without the knowledge or approval of any Jirsch Sutherland partner,” said Mr Morelli.
“There is no allegation or suspicion of any wrong doing by any current member of staff or Partner.
“Will be ensuring this week that all creditors of the relevant liquidations are advised of Amanda Young’s actions,” he added.
“These matters constitute a most egregious breach of trust for which we are all profoundly disappointed.”
ASIC will appoint an independent reviewer at Sutherland’s expense and will ensure creditors of all administrations will receive a communication from Sutherland fairly disclosing the circumstances of the change in liquidators.
The corporate regulator has also separately commenced an investigation into matters relating to Ms Young’s former administrations.
Ms Young was promoted to partner in 2016 after 13 years at the business.
More to come.
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