On 28 June 2023, a liquidator disciplinary committee (the Committee) decided that Richard Ernst Auricht’s registration as a liquidator should be cancelled.
ASIC’s referral to the Committee alleged Mr Auricht was not a fit and proper person to be registered as a liquidator, as he had failed to carry out adequately and properly his duties as a liquidator by drawing remuneration without creditor or court approval, was not lodging documents with ASIC, and no longer had the required qualifications, experience, knowledge and abilities.
In handing down its decision, the Committee noted that Mr Auricht’s failure to follow proper processes around the drawing of his fees has the potential to bring the entire profession into disrepute. It also noted the requirement for registered liquidators to make a number of lodgements across the course of an appointment, which helps to ensure accountability and transparency of the liquidation process and allows ASIC to perform its regulatory functions.
The Committee’s decision reinforces the high standard of conduct expected of registered liquidators, including that they have sufficient skills to lodge documents electronically.
In addition to cancelling Mr Auricht’s registration, the Committee also decided that ASIC should publish its report.
ASIC has given effect to that decision by cancelling Mr Auricht’s registration as a liquidator.