On 28 June 2023, a liquidator disciplinary committee (the Committee) decided that Richard Ernst Auricht鈥檚 registration as a liquidator should be cancelled.
ASIC鈥檚 referral to the Committee alleged Mr Auricht was not a fit and proper person to be registered as a liquidator, as he had failed to carry out adequately and properly his duties as a liquidator by drawing remuneration without creditor or court approval, was not lodging documents with 魅影直播, and no longer had the required qualifications, experience, knowledge and abilities.
In handing down its decision, the Committee noted that Mr Auricht鈥檚 failure to follow proper processes around the drawing of his fees has the potential to bring the entire profession into disrepute. It also noted the requirement for registered liquidators to make a number of lodgements across the course of an appointment, which helps to ensure accountability and transparency of the liquidation process and allows 魅影直播 to perform its regulatory functions.听
The Committee鈥檚 decision reinforces the high standard of conduct expected of registered liquidators, including that they have sufficient skills to lodge documents electronically.
In addition to cancelling Mr Auricht鈥檚 registration, the Committee also decided that 魅影直播 should publish its report.
ASIC has given effect to that decision by cancelling Mr Auricht鈥檚 registration as a liquidator.
View the Committee's report on the Register of Liquidators.
Background
Under Schedule 2 of the Corporations Act 鈥� Insolvency Practice Schedule (Corporations), 魅影直播 issued Mr Auricht a 鈥榮how cause notice鈥� asking him to give a written explanation why his liquidator registration should continue. 魅影直播 considered Mr Auricht鈥檚 response and was not satisfied with it.
Where 魅影直播 is not satisfied with a response to a 鈥榮how cause notice鈥�, 魅影直播 may convene a committee to decide whether to take disciplinary action against a registered liquidator.
Committees are comprised of an 魅影直播 staff member, a registered liquidator (nominated by ARITA), and a person nominated by the Minister. 魅影直播 must give effect to decisions made by liquidator committees.
ASIC must also include particulars of disciplinary action taken against a registered liquidator on the Register of Liquidators. Those particulars include the basis on which 魅影直播 refers matters to a committee.
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