The Administrative Appeals Tribunal (AAT) has refused an application brought by Mr Mark McIvor, former Chief Executive Officer and founding director of Equititrust Limited (in liquidation), for an order staying the operation and implementation of the banning order made by an ASIC delegate on 2 September 2015 which prohibits Mr McIvor from providing any financial services permanently (refer 15-363MR).

In refusing the application, the AAT found that:

• Mr McIvor had not made an affidavit in the AAT as to the matters in controversy;
• despite being advised by ASIC on 7 September 2015 that a banning order needed to be personally served on Mr McIvor, his solicitors did not make any arrangements to enable their client to be served the banning order;
• Mr McIvor was evading service. 

Mr McIvor has filed application with the AAT for a review of the original decision permanently banning him from providing any financial services.

Background

On 19 December 2011, ASIC suspended the Australian financial services (AFS) licence of Equititrust Limited for 12 months, for failing to comply with a number of key obligations as a financial services licensee (refer 11-306MR ) 

On 22 August 2014, Mr McIvor was convicted and fined $10,000 in the Brisbane Magistrates Court of six charges of failing to provide a Report as to Affairs and to deliver books and records to the liquidators of Chevron Capital Pty Ltd, MHSM Holdings Pty Ltd and SM Capital Pty Ltd (refer 14-223MR).