media release (14-088MR)

ASIC to suspend liquidator from industry

Published

ASIC will suspend the registration of liquidator Alan Godfrey Topp for six months following a successful application to the disciplinary body, the Companies Auditors and Liquidators Disciplinary Board (CALDB).

The suspension commences on 1 May 2014 and ends on 31 October 2014.

ASIC alleged Mr Topp failed to lodge more than 300 documents with ASIC over a period of almost four years. The documents, relating to 61 different companies, included the presentation of accounts and statements which help show the progress of an external administration.

ASIC Commissioner John Price said, 'The CALDB's decision reinforces the fact that registered liquidators must competently meet both their statutory duties and professional standards. This includes ensuring they have adequate practice systems and resources in place to manage their basic reporting obligations.'

The CALDB also required undertakings from Mr Topp to:

  • lodge with ASIC all outstanding statutory lodgements by 1 May 2014

  • make arrangements for the appointment of replacement liquidators on all of his current administrations by 1 May 2014, and

  • for the next six months following the six-month suspension period, not accept or hold any appointment as an external administrator except as a joint appointee with a registered liquidator or registered liquidators.

Download the CALDB’s media release and final orders

Background

At the time of his conduct, Mr Topp was the sole director and secretary of Insolvency Resolution Pty Ltd.

The CALDB is an independent statutory body under the Corporations Act that 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:

  • ASIC accepting an enforceable undertaking (EU) from Perth liquidator, Simon Roger Coad, who has agreed to improve his systems and procedures and have his practice reviewed by an independent quality reviewer (refer: 14-089MR)

  • suspending Sydney liquidator William James Hamilton's registration for six months from 3 June 2014, following an adverse decision by the CALDB (refer: 14-080MR)

  • cancelling the registration of Melbourne liquidator Avitus Thomas (Tom) Fernandez, following an adverse decision by 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  • [This media release was withdrawn in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]

  • ASIC cancelling the registration of Sydney liquidator, Mark Darren Levi from the industry, following an adverse decision by 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.]
  • ASIC 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).

Media enquiries: Contact ASIC Media Unit