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Wednesday 29 August 2018

18-249MR ASIC accepts court enforceable undertaking from Brisbane liquidator

ASIC has accepted a court enforceable undertaking (CEU) from Brisbane-based registered liquidator, Mr Peter Dinoris, of Artemis Insolvency.

The CEU requires Mr Dinoris to engage a suitably qualified independent quality reviewer to undertake a review of four external administrations selected by ASIC. The reviewer must assess Mr Dinoris’ compliance with his duties regarding investigations and contact with directors and produce a report of his/her findings to ASIC.

The CEU follows a Court finding in 2016 by His Honour Justice Reeves, and subsequently in 2017 by the Full Court of the Federal Court, that in December 2010, Mr Dinoris, whilst he was working at a previous firm, had breached section 180(1) of the Corporations Act (the Act) by failing to discharge his duties as the liquidator of Asden Developments Pty Ltd (the company) with the degree of care and diligence of a reasonably competent liquidator.

The Court found Mr Dinoris did not personally contact the director of the company by telephone after becoming aware that the director withdrew $236,500 from the company’s bank account one day prior to his appointment. The Court also concluded that there was no loss or damage incurred as a result of the breach.

Based on the Courts’ findings, ASIC gave Mr Dinoris a show cause notice under section 40-40(1) of Schedule 2 of the Act to explain why his registration should continue. Mr Dinoris provided ASIC with information regarding changes in his practices and procedures and ASIC determined ASIC required independent corroboration to be satisfied that Mr Dinoris has implemented those systems and procedures.

ASIC Commissioner John Price said the outcomes achieved under the CEU show ASIC’s commitment to addressing instances of non-compliance and working co-operatively with registered liquidators to ensure high standards across the profession are maintained.


If there is a breach of the undertaking, under the ASIC Act, ASIC can apply for orders from the court to enforce compliance.

Last updated: 30/03/2021 09:27