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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

09 JUL 2009

Australian IP disciplined over remuneration - the work of the CALDB

Dibbs Barker (via linexlegal) are reporting that an Australian Insolvency Practitioner (IP) has been disciplined over his remuneration levels. The statement notes:

"The Companies Auditors and Liquidators Disciplinary Board, made a finding that Mr Gould had failed to carry out his duties as liquidator adequately and properly. This was argued to be due to a purported failure to include a 'cap' or 'upper limit' on his remuneration, in addition to a failure to refer to the company as being subject to a deed of company agreement in letters to creditors. The Board consequently suspended the registration of Gould as a liquidator for three months."
This is a particularly interesting item as it highlights the work of the Companies Auditors and Liquidators Disciplinary Board in Australia. The CALDB has the following role:

"The functions and powers of the Board in relation to an Application are performed and exercised by a Panel which conducts Hearings to determine whether a registered auditor or liquidator ("Respondent"):

  • has failed to carry out their duties and functions adequately and properly;
  • is not a fit and proper person to remain registered;
  • is subject to disqualification; or
  • is otherwise ineligible to remain registered.

The Panel, if it is satisfied that some or all of the relevant contentions in an Application have been established under the Act, may make the following orders:

  • cancel or suspend the Respondent's registration; and/or
  • admonish or reprimand the Respondent; and/or
  • require the Respondent to give an undertaking."

The CALDB publishes its findings through press statements and judgments.

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