ASIC: Liquidator suspended by CALDB for 18 months

Australian Securities and Investments Commission (ASIC) has announced that Dean Royston McVeigh of Foremans Business Advisors in Sandringham, Victoria has been suspended for 18 months from acting as a voluntary administrator or liquidator.

The Companies Auditors and Liquidators Disciplinary Board (CALDB) suspended Mr McVeigh for 18 months, in response to an application by ASIC.

ASIC's application to the CALDB related to Mr McVeigh's conduct as a voluntary administrator and/or liquidator of ten companies between 2001 to 2007.

The CALDB found that Mr McVeigh failed to carry out or perform adequately and properly the duties of a liquidator as required by the Corporations Act. The CALDB further found that Mr McVeigh failed to carry out or perform the duties of a liquidator in relation to independence/conflicts, investigation and reporting.

Mr McVeigh was also ordered to complete additional Continuing Professional Development in independence/ conflicts, investigation, reporting and office procedures and systems. And on completion of his suspension be subject to peer reviews of his next five voluntary administrations and next five creditors voluntary liquidations.

16 February, 2010


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