ASIC takes legal action against liquidator
The Australian Securities and Investments Corporation has commenced proceedings under the Corporations Act in the NSW Supreme Court against Stuart Ariff, an official liquidator.
ASIC took the action after the Insolvency Practitioners Association (IPA), of which Ariff was an associate member, referred complaints to it over his professional conduct.
The regulator alleges Ariff has not faithfully performed his duties as an insolvency practitioner, and that his conduct has been prejudicial to the interests of creditors or members of a company.
It also alleges that over the past year the IPA has “received a number of complaints of a serious nature against Ariff in relation to the conduct of external administrations in which he has been involved”.
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