The registration of Ms Amanda Young as a liquidator has been cancelled following a decision by a disciplinary committee that she was not a fit and proper person to be registered as a liquidator.
The Committee concluded that Ms Young had improperly used her position, falsified books and misappropriated funds totalling $238,502.23 from four liquidations.
The Committee noted Ms Young,'…took deliberate steps to conceal her actions, including falsifying official documents and misleading and deceiving her colleagues.'
Further, the Committee concluded, '…that a suspension would be inappropriate and contrary to the public interest, due to the gravity of Ms Young's repeated misconduct, her failure to express contrition or remorse and because of the importance of protecting the public, and specifically and generally deterring others, from similar conduct.'
ASIC Commissioner Cathie Armour said, 'Registered liquidators are in a position of trust and must act honestly in the protection and administration of creditors' money.
'This matter serves as a timely reminder to all registered liquidator practices to regularly review their systems and processes, particularly fraud prevention and detection measures', Ms Armour said.
The Committee's Report and Reasons for decision, handed down on 3 June 2020, are here.
Background
The Committee was convened on 1 November 2019 after Ms Young, the former liquidator of Admark Property Group Pty Ltd (In Liquidation) [Admark], Mamak Pty Ltd (In Liquidation) [Mamak], The Roller Poster Company Pty Ltd (In Liquidation) [Roller Poster] and the former manager assisting the liquidator of St Gregory's Armenian School Incorporated (In Liquidation) [St Gregory's], did not respond to the 'show cause notice' sent to her by ASIC on 2 September 2019 asking her to give a written explanation why her liquidator registration should continue.
On 18 December 2018, ASIC suspended Ms Young's registration as a company liquidator following receipt of an application by her. Ms Young agreed to resign from all her external administration appointments and replacement external administrators were appointed following orders by Justice Black of the Supreme Court of New South Wales on 14 December 2018. The orders were granted on the application of various partners from Jirsch Sutherland, the practice at which Ms Young was most recently employed, who have since been appointed as the external administrators to 22 companies where Ms Young had been the sole appointee (refer: 18-388MR).
On 17 December 2018, Mr Bradd Morelli of Jirsch Sutherland was appointed as liquidator of Admark, Mr Andrew Spring of Jirsch Sutherland was appointed as liquidator of Mamak and Mr Trent Devine of Jirsch Sutherland was appointed as liquidator of Roller Poster.
Ms Young's registration as liquidator was suspended pending an ASIC investigation into allegations that, as the liquidator of Admark, Mamak and Roller Poster and as the manager assisting the liquidator of St Gregory's, she misappropriated funds totalling $238,502.23 from four liquidations over approximately one year.
