Insolvency specialist Andrew Dunner has been banned from serving as a registered liquidator for five years, after a case brought by the corporate watchdog in relation to his conduct as liquidator and controller of 12 companies.
Mr Dunner should be banned from serving as a registered liquidator until February 2018 and should repay a determined amount, Justice John Middleton said in a judgment in the Federal Court.
The judge found Mr Dunner had "failed to satisfy the high standards of conduct required of his offices", by conduct that indicated a "systemic failure of administration and internal protocols" and "extremely poor professional judgment".
The Australian Securities and Investments Commission alleged the Melbourne-based Mr Dunner had drawn remuneration of more than $600,000 without appropriate approval or adequate supporting documentation.
There are 681 registered liquidators in Australia. They hold a privileged position of trust as officers of the court, appointed by judges.
After the ruling, Mr Dunner said he had co-operated with ASIC but his reputation had been ruined.
ASIC commissioner John Price said Mr Dunner's "behaviour fell well short of acceptable standards of conduct."