ASIC notes the decision by disciplinary body, the Companies Auditors and Liquidators Disciplinary Board (CALDB), to admonish a Queensland-based registered liquidator.

The decision follows an ASIC investigation into Jonathan Paul McLeod, principal of insolvency firm McLeod & Partners Pty Ltd. ASIC’s investigation focused on Mr McLeod’s conduct as a liquidator and a voluntary administrator.

ASIC examined 17 external administrations which Mr McLeod was appointed to in the period from 2008 to 2012. ASIC brought 24 contentions against Mr McLeod, 13 of which were established. Seven were not established and four were withdrawn.

In making its orders, the CALDB found Mr McLeod failed to: 

• lodge with ASIC, on numerous occasions, a report regarding suspected offences as soon as practicable after he  became aware of the possible offences
• provide a remuneration report to creditors
• properly declare his independence to creditors on numerous occasions
• properly consider whether he was disqualified from consenting to act as a liquidator, and
• open a liquidator's general account and deposit all money received into that account not later than seven days after receipt.

Download CALDB’s media release, and decision and reasons

Background

ASIC’s actions against registered liquidators include:

• accepting an EU from Perth liquidator, Ross Stephen Thomson, who agreed to not accept any appointments for three months other than a joint and several appointment with another registered liquidator, to improve his systems and procedures, repay $24,200 in remuneration not properly approved and appoint an independent expert to review his practices (refer: 15-079MR).
• accepting an EU from Victorian liquidator, Colin Roland Tuckwell, who has agreed to improve his systems and procedures and have his practice reviewed by an independent expert (refer: 15-030MR).
• accepting voluntary undertakings from an Adelaide liquidator that involved engaging an independent quality control reviewer to improve his insolvency services (refer: 14-219MR).
• successfully applying to court to have three Melbourne registered liquidators removed as joint liquidators of Walton Constructions Group following concerns about their independence (refer: 14-167MR).
• cancelling the registration of Sydney liquidator, Pino Fiorentino, following a successful application by ASIC to the Companies Auditors and Liquidators Disciplinary Board (CALDB), currently subject to an appeal in the Administrative Appeals Tribunal (refer: 14-160MR).
• [This MR was redacted on 26/04/2024 in accordance to ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities]
• [This MR was redacted on 26/04/2024 in accordance to ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities]
• [This MR was redacted on 26/04/2024 in accordance to ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities]
• cancelling the registration of Melbourne liquidator, Avitus Thomas (Tom) Fernandez, following a successful application by ASIC to the CALDB (refer: 13-308MR).
• [This media release was withdrawn in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]
• cancelling the registration of liquidator Mark Darren Levi following a successful application by ASIC to the CALDB (refer: 13-227MR)
• [This MR was redacted on 20/02/2023 in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]
• cancelling the registrations of Sydney liquidator, Peter Roger Grealish (refer: 13-132MR), Melbourne liquidator, Paul Anthony Pattison (refer: 13-033MR), and Peter George Biazos (bankrupted on 24 July 2013).

Editor's note:

This media release was updated on 2 September 2015 to reflect the correct wording of the decision.