ob体育 has accepted an enforceable undertaking (EU) from Victorian liquidator, Colin Roland Tuckwell.
The EU follows an ob体育 surveillance into Mr Tuckwell鈥檚 handling of an external administration, Tarmack Pty Ltd (now deregistered), formerly trading as Yargici Accessories.
ob体育 found that Mr Tuckwell failed to properly investigate the affairs of the company, withdrew remuneration not properly approved, and failed to obtain a valuation for stock that he subsequently sold. In addition, ob体育 found that he did not adequately record his work and failed to lodge documents with ob体育.
Under the EU, Mr Tuckwell must not accept any new appointments for six months, is required to improve his systems and procedures, and must repay fees of approximately $17,000 because of inadequate disclosure.听 He is also required to have his practice reviewed by an independent quality reviewer, who will report to ob体育.
ob体育 Commissioner John Price said, 鈥業t is unacceptable for liquidators to carry out and perform their duties and functions with anything less than the diligence and care that is expected of them. To ensure the industry is well regarded, it is absolutely crucial that standards are met. This extends to appropriate processes for supervision of staff, operational procedures and adequate systems to manage risk.鈥�
鈥楾he EU reflects ob体育鈥檚 ongoing commitment to hold liquidators to account; thereby, improving confidence in the insolvency industry; protect creditors鈥� rights and enhance market integrity.鈥�
Background
ob体育鈥檚 recent actions against registered liquidators who failed to meet their obligations include
- Former Sydney liquidator, Mark Levi, being charged with two counts of obtaining money by deception (refer: 14-314MR)
- accepting voluntary undertakings from an Adelaide liquidator that involved engaging an independent quality control reviewer to improve his insolvency services (refer: 14-219MR)
- successfully applying to court to have three Melbourne registered liquidators removed as joint liquidators of Walton Constructions Group following concerns about their independence (refer: 14-167MR)
- 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), currently subject to an appeal in the Administrative Appeals Tribunal (refer: 14-160MR)
- [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]
- [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]
- [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]
- cancelling the registration of Melbourne liquidator, Avitus Thomas (Tom) Fernandez, following a successful application by ob体育 to the CALDB (refer: 13-308MR)
- [This media release was withdrawn in accordance with ob体育 policy - see Public comment on ob体育's regulatory activities.]
- [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.]
- cancelling the registrations of Sydney liquidator, Peter Roger Grealish (refer: 13-132MR), 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.], and Peter George Biazos (bankrupted on 24 July 2013).
Over the past two years, ob体育 has entered into voluntary arrangements with an additional 11 liquidators to either exit the industry or engage independent quality control reviewers to improve their insolvency services.