Sydney liquidators to face Supreme Court inquiry

ASIC lodged an application requesting the Supreme Court of NSW look into the conduct of Andrew Hugh Jenner Wily and David Anthony Hurst as joint liquidators of 12 companies to which they had been appointed.

The 12 companies were wound up by way of creditors’ voluntary liquidation.

ASIC’s concerns include a lack of independence and a failure to disclose potential conflicts, the failure to report to ASIC suspected shadow directors and offences underlying suspected illegal phoenix activity, and a failure to undertake basic investigations into the companies’ affairs.

Mr Wily and Mr Hurst were partners of Armstrong Wily at the time of their appointments. Mr Wily remains a partner of Armstrong Wily, while Mr Hurst is now a director of HoskingHurst.

ASIC seeks orders that Mr Wily and Mr Hurst be prohibited from practising as registered liquidators for such period as the court sees fit.

The matter has been listed for directions on 9 February 2017.