ASIC has filed an application with the Federal Court seeking an inquiry into the conduct of Jason Bettles, a registered liquidator and partner at Worrells Solvency and Accounting, Gold Coast.
Mr Bettles was the liquidator of the Members Alliance Group of companies from 22 July 2016 until his resignation on 13 July 2017.
The Members Alliance Group was a group of companies operating on the Gold Coast which went into external administration in July 2016.
On 13 July 2017, Mr Bettles and Raj Khatri of Worrells themselves sought and obtained orders from the Supreme Court to be replaced as liquidators of a number of Members Alliance Group companies by Michael McCann of Grant Thornton.
According to ASIC, it has requested the Federal Court to inquire into Mr Bettles’ conduct during his administration of those particular companies because it is concerned that he failed to maintain independence, did not exercise the degree of care and diligence required of a liquidator and failed to discharge his obligations as a liquidator.
As part of the ATO-led Serious Financial Crime Taskforce, ASIC made the application under section 45-1 of the Insolvency Practice Schedule (Corporations).
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.