ASIC will cancel the registration of liquidator Avitus Thomas (Tom) Fernandez following a successful application to the disciplinary body, the Companies Auditors and Liquidators Disciplinary Board (CALDB).

The CALDB’s order to cancel Mr Fernandez’s registration follows his appointment as the administrator of Willmott Forests Ltd and its subsidiaries (Willmott) in September 2010.

ASIC alleged a $200,000 payment to Mr Fernandez by Willmott to cover his costs was not disclosed or given to the receivers and managers who were entitled to it, and not disclosed to creditors or the administrators who replaced him in October 2010.

The CALDB found that Mr Fernandez’s conduct demonstrated a serious lack of judgment, insight, expertise and ability, and, therefore, that he was not a fit and proper person to remain registered as a liquidator.

‘Mr Fernandez’s conduct was unacceptable and inconsistent with the standards required of liquidators,’ ASIC Commissioner John Price said.

‘This decision reiterates the importance of transparency and proper disclosure by liquidators when doing their job.’

Mr Fernandez, who the CALDB suspended in 2005 (refer: 05-69), has the right to appeal to the Administrative Appeals Tribunal for a review of the CALDB’s decision.

Download the CALDB's media release and final orders

Background

At the time of his conduct, Mr Fernandez was the sole director and secretary of Fernandez Partners at Glen Waverley, Victoria.

The CALDB is an independent statutory body under the Corporations Act and has the power to cancel or suspend the registration of a liquidator or auditor.

ASIC’s recent actions against registered liquidators who failed to meet their obligations include:

• [This media release was withdrawn in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]

• ASIC cancelling the registration of Sydney liquidator, Mark Darren Levi from the industry, following an adverse decision by the CALDB (refer: 13-227MR)

• Two confidential matters referred to the CALDB regarding practitioners’ alleged misconduct

• [This MR was redacted on 20/02/2023 in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]

• ASIC cancelling the registrations as a liquidator of Sydney liquidator, Peter Roger Grealish (refer: 13-132MR) and Melbourne liquidator, [This MR was redacted on 12/12/2024 in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]