Circumstances imposed on registered liquidator

The Liquidator Disciplinary Committee has dominated to impose situations on Steven Naidenov, a registered liquidator, ASIC reported.

The committee’s resolution, made on Dec. 21, outlined particular situations geared toward addressing considerations raised by ASIC concerning Naidenov’s conduct.

Abstract of imposed situations

Naidenov is required to rearrange a peer assessment of six exterior administrations at his personal expense over the following two years, with the exterior administrations chosen by the company watchdog. The committee additionally determined that ASIC ought to instruct Naidenov to chorus from accepting any extra appointments as a liquidator from the date of the directive till April 30.

ASIC considerations and the committee’s resolution

The disciplinary motion stemmed from ASIC’s referral to the committee, asserting that Naidenov was not a match and correct particular person to be registered as a liquidator. The allegations included a failure to adequately fulfill duties as a liquidator and contraventions of the Companies Act 2001.

ASIC’s particular considerations included the alleged use of funds from an exterior administration checking account to cowl bills of associated firms, generally with out adequate supporting documentation.

Whereas the committee acknowledged Naidenov’s failure to behave with the required due care and diligence, it stopped wanting figuring out him unfit to stay a registered liquidator.

“The committee’s resolution strengthened the excessive commonplace of conduct anticipated of registered liquidators and that they have to act with care within the safety and administration of collectors’ cash,” ASIC mentioned in a media launch.

“One among ASIC’s enforcement priorities for 2024 is enforcement motion concentrating on gatekeepers facilitating misconduct. This consists of registered liquidators.”   

The committee additionally directed ASIC to publish the choice and the accompanying report.

For different latest information from ASIC, click on right here and right here.

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