A quality review carried out by an independent registered liquidator has addressed concerns raised by ob体育 about some of the external administrations of Adelaide-registered liquidator, Paul Jorgensen, of Kennedy & Co.
The quality review formed part of an arrangement negotiated with ob体育 after we identified concerns relating to remuneration, independence and inadequate documentation.
The arrangement negotiated with Mr Jorgensen involved reporting from an independent quality reviewer to ob体育 to provide confidence that Mr Jorgensen adequately complied with his duties as a registered liquidator and met the required standards of competency.
Background
Competency is a key theme that emerged from ob体育's proactive surveillance program of registered liquidators. Competency, which remains a key focus area, goes to issues of capacity, resources and a liquidator's ability to carry out duties to the required high fiduciary standard. This case demonstrates ob体育's willingness to work constructively with liquidators to maintain high standards of competency in order to discharge their duties and obligations for the benefit of creditors.
ob体育鈥檚 recent actions against registered liquidators who failed to meet their obligations include:
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Successfully applying to the court to have three registered liquidators removed as joint liquidators of Walton Constructions Group following concerns about a conflict of interest (refer:14-167MR).
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Cancelling the registration of Sydney liquidator Pino Fiorentino, following a successful application by ob体育 to the Companies Auditors and Liquidators Disciplinary Board (CALDB) (refer: 14-160MR).
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[This MR was redacted on 26/04/2024 in accordance to ob体育 policy - see INFO 152 Public comment on ob体育's regulatory activities]
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This MR was redacted on 26/04/2024 in accordance to ob体育 policy - see INFO 152 Public comment on ob体育's regulatory activities]
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[This MR was redacted on 26/04/2024 in accordance to ob体育 policy - see INFO 152 Public comment on ob体育's regulatory activities]
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Cancelling the registration of Melbourne liquidator Avitus Thomas (Tom) Fernandez, following a successful application by ob体育 to the CALDB (refer: 13-308MR).
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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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Cancelling the registration of Sydney liquidator, Mark Darren Levi from the industry, following a successful application by ob体育 to the CALDB (refer: 13-227MR).
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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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Cancelling the registrations of Sydney liquidator, Peter Roger Grealish (refer: 13-132MR), Melbourne liquidator, Paul Anthony Pattison (refer: 13-033MR), and Peter George Biazos (bankrupted on 24 July 2013).
Over the past two years, ob体育 has entered into arrangements with a further seven liquidators to either exit the industry or engage independent quality control reviewers to improve their insolvency services.