ASIC has cancelled the registration of Christopher John McCroary of Moorebank, NSW, and Christopher James Fawcett of Traralgon, Victoria.
As a result, Mr McCroary and Mr Fawcett are no longer permitted to practise as liquidators and have undertaken to ASIC that they will not re-apply for registration as liquidators.
In 2013, ASIC launched a project to test all registered liquidators’ compliance with the requirement to publish certain notices on ASIC’s published notices website and lodge documents with ASIC.
According to the regulator, ASIC’s project work highlighted concerns that Mr McCroary and Mr Fawcett were not adequately and properly performing their duties and functions as registered liquidators.
ASIC also identified Mr McCroary’s lack of corporate insolvency experience since becoming registered.
ASIC Commissioner John Price said the regulator is focused on improving the standard of liquidation services in Australia.
“We are passionate about lifting standards and ensuring liquidators comply with the law so as to promote a fair, orderly and transparent insolvency market,” he said.
“Our work identifying failure to comply with basic obligations can highlight more systemic issues which will lead to ASIC enforcement action.”
Cancellation for both Mr McCroary and Mr Fawcett took effect on 29 July 2015, following the finalisation of their remaining external administrations and the satisfactory completion of outstanding lodgements. Mr McCroary and Mr Fawcett have appropriate run-off cover insurance to ensure creditors’ positions are protected.