ob体育 has accepted enforceable undertakings (EUs) from Sydney-based registered liquidators, Mr Peter George Burton and Mr Brian Hugh Allen, after an ob体育 review of several external administrations found they failed to adequately and properly discharge their duties as registered liquidators. 聽
Messrs Burton and Allen operated an accounting practice under the name 'Burton Glenn Allen, Chartered Accountants'. At the time of the ob体育 review, Mr聽Allen had already resigned as a partner of the firm.
Mr Burton has undertaken to request cancellation of his registration as an official and a registered liquidator and he will not reapply for registration for a period of five years.
Mr Allen has undertaken not to reapply for registration for a period of five years.聽The EU regarding Mr Allen notes that ob体育, prior to accepting the EU, had already cancelled Mr Allen鈥檚 registration upon his request.
ob体育 reviewed several of Messrs Burton and Allen鈥檚 external administrations and found they failed to adequately discharge their duties in that they did not:聽
- conduct, or alternatively properly document, pre-appointment independence reviews;
- disclose the existence of indemnities;
- disclose all pre-appointment communications and meetings with relevant persons or entities;
- take steps to protect and secure assets in a timely manner;
- adequately investigate the company's affairs or, failed to adequately document those investigations;
- provide creditors with adequate remuneration reports and drew remuneration where they were not entitled to do so;
- identify and report misconduct to ob体育;
- hold annual meetings of creditors; and
- maintain proper books and records.
Not each and every one of ob体育鈥檚 views apply to all of the external administrations reviewed.
ob体育 Commissioner John Price said, 鈥榦b体育 continues its focus on liquidators as gatekeepers in our financial system. This includes ensuring they perform their duties with independence and, competently in the interests of creditors. ob体育 will intervene where liquidators fall short of meeting legal and professional standards鈥�.聽
ob体育 acknowledges Messrs Burton and Allen鈥檚 cooperation.
Download the enforceable undertakings from and .