ob体育 will cancel the registration of liquidator Avitus Thomas (Tom) Fernandez following a successful application to the disciplinary body, the Companies Auditors and Liquidators Disciplinary Board (CALDB).
The CALDB鈥檚 order to cancel Mr Fernandez鈥檚 registration follows his appointment as the administrator of Willmott Forests Ltd and its subsidiaries (Willmott) in September 2010.
ob体育 alleged a $200,000 payment to Mr Fernandez by Willmott to cover his costs was not disclosed or given to the receivers and managers who were entitled to it, and not disclosed to creditors or the administrators who replaced him in October 2010.
The CALDB found that Mr Fernandez鈥檚 conduct demonstrated a serious lack of judgment, insight, expertise and ability, and, therefore, that he was not a fit and proper person to remain registered as a liquidator.
鈥楳r Fernandez鈥檚 conduct was unacceptable and inconsistent with the standards required of liquidators,鈥� ob体育 Commissioner John Price said.
鈥楾his decision reiterates the importance of transparency and proper disclosure by liquidators when doing their job.鈥�
Mr Fernandez, who the CALDB suspended in 2005 (refer: 05-69), has the right to appeal to the Administrative Appeals Tribunal for a review of the CALDB鈥檚 decision.
Background
At the time of his conduct, Mr Fernandez was the sole director and secretary of Fernandez Partners at Glen Waverley, Victoria.
The CALDB is an independent statutory body under the Corporations Act and has the power to cancel or suspend the registration of a liquidator or auditor.
ob体育鈥檚 recent actions against registered liquidators who failed to meet their obligations include:
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[This media release was withdrawn in accordance with ob体育 policy - see Public comment on ob体育's regulatory activities.]
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ob体育 cancelling the registration of Sydney liquidator, Mark Darren Levi from the industry, following an adverse decision by the CALDB (refer: 13-227MR)
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Two confidential matters referred to the CALDB regarding practitioners鈥� alleged misconduct
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[This MR was redacted on 20/02/2023 in accordance with ob体育 policy - see 听Public comment on ob体育's regulatory activities.]
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ob体育 cancelling the registrations as a liquidator of Sydney liquidator, Peter Roger Grealish (refer: 13-132MR) and Melbourne liquidator, [This MR was redacted on 12/12/2024 in accordance with ob体育 policy - see 听Public comment on ob体育's regulatory activities.]