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ASIC this morning announced it has accepted an enforceable undertaking (EU) from a Sydney-based registered liquidator, chartered accountant and former EY partner.
ASIC accepted the EU from Clifford John Sanderson of Dissolve Pty Ltd as trustee for the Dissolve Unit Trust.
This follows an ASIC review of an external administration that found Mr Sanderson failed to adequately and properly discharge his duties as a registered liquidator.
Mr Sanderson began with EY in 1989, finishing in 2002. He was a partner in corporate restructuring from 1999 until his departure.
Chartered Accountants Australia and New Zealand also confirmed to AccountantsDaily that Mr Sanderson is a member.
Mr Sanderson has undertaken to engage an independent expert at his own cost to review his insolvency practice and to conduct quality reviews on three external administrations.
He will also complete 60 hours of continuing professional development (CPD) within 12 months, including a minimum of 20 hours of CPD relating to insolvency courses.
“Creditors have a right to know that liquidators undertake their work independently and competently. ASIC continues to work with practitioners to improve these aspects of their practices,” said ASIC commissioner John Price.
ASIC acknowledged Mr Sanderson’s cooperation and noted that he undertook remedial action to address ASIC’s concerns when ASIC brought the deficiencies in the discharge of his duties to his attention.
*Editor's note: the dates of Mr Sanderson's employment at EY have been updated since initial publication.
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