Daryl Charles Emmerson, principal of accounting firm Chancellor Group, requested that ASIC cancel his liquidator’s registration following the corporate regulator's raising concerns about Mr Emmerson’s insolvency practice and his conduct of an external administration.
According to the regulator, ASIC reviewed Mr Emmerson’s handling of the external administration ACN 135 704 559 Pty Ltd (formerly known as JB Electrical Contracting Pty Ltd) and identified concerns surrounding the adequacy of remuneration disclosure; independence disclosure; documentation regarding investigations; securing assets in a timely manner; and practice systems and processes, including documentation of work carried out.
The negotiated arrangement to cancel Mr Emmerson’s registration also involved Mr Emmerson engaging an independent quality reviewer to report to ASIC to provide confidence that he was adequately complying with his duties to finalise the external administration.
Mr Emmerson is also required to provide ASIC with 1 months’ notice should, at any time in the future, he seek to be registered as a liquidator.
ASIC Commissioner John Price said, "Where we see instances of liquidators not having adequate systems and processes in place, not complying with disclosure obligations, and lacking documentation, ASIC will continue to act to ensure the standards of the industry are maintained."
** This article original stated 'Mr Emmerson is also prevented from re-applying for registration as a liquidator for three years'. After AccountantsDaily published this story ASIC edited its release and this edit has now been reflected on this site. **
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