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."
InvestSMART FORUM: Come and meet the team
We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.
Want access to our latest research and new buy ideas?
Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.Sign up for free