Liquidator banned for three years over 'failures'
The Australian Securities and Investments Commission found he failed to provide remuneration reports for 16 external administrations, or took remuneration exceeding maximum limits. It also found he did not properly account for expenses, lodge paperwork on time, or produce minutes for meetings.
In an enforceable undertaking, the Sydney-based liquidator admitted he "failed to carry out or perform adequately and properly the duties of a liquidator". He must now request to be deregistered as a liquidator and not re-apply for registration for at least three years.
Meanwhile, the registration of Melbourne-based liquidator Paul Anthony Pattison was cancelled following last year's declaration he was bankrupt.
Investigations by ASIC also led to a ban on Mr Pattison managing corporations for four years, because he was the sole director of three companies owing $4.7 million. Mr Pattison ran Pattison Consulting and Pattisons Business Recovery & Insolvency Specialists.
Frequently Asked Questions about this Article…
Ian Struthers is a Sydney-based liquidator who agreed to a three-year ban after the Australian Securities and Investments Commission (ASIC) found he failed to properly carry out 45 liquidations and admitted he did not adequately perform the duties of a liquidator.
ASIC found Struthers failed to provide remuneration reports for 16 external administrations, sometimes took remuneration above maximum limits, did not properly account for expenses, failed to lodge paperwork on time, and did not produce minutes for meetings.
Struthers agreed in an enforceable undertaking to request deregistration as a liquidator and not re-apply for registration for at least three years, effectively banning him from practising as a registered liquidator during that period.
Paul Anthony Pattison is a Melbourne-based liquidator whose registration was cancelled after he was declared bankrupt. ASIC also banned him from managing corporations for four years because he was the sole director of three companies that owed $4.7 million.
Paul Pattison was banned from managing corporations for four years following ASIC investigations that found he was the sole director of three companies with combined debts of $4.7 million; his registration as a liquidator was cancelled after his bankruptcy.
The article names two firms run by Paul Pattison: Pattison Consulting and Pattisons Business Recovery & Insolvency Specialists.
ASIC's findings related to Struthers involved 45 liquidations in total and specifically noted failures to provide remuneration reports in 16 external administrations.
The article reports the regulatory enforcement actions by ASIC but does not provide details about compensation outcomes or specific impacts on investors or creditors of the liquidated companies.
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