The EU, from Colin Roland Tuckwell, follows an ASIC surveillance of Mr Tuckwell’s handling of an external administration, Tarmack Pty Ltd (now deregistered), formerly trading as Yargici Accessories.
The regulator 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, ASIC 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. He is also required to have his practice reviewed by an independent quality reviewer, who will report to ASIC.
ASIC commissioner John Price said, ‘It 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.
"The EU reflects ASIC’s ongoing commitment to hold liquidators to account, thereby improving confidence in the insolvency industry; [to] protect creditors’ rights; and [to] enhance market integrity.’