Disciplinary Committee Cancels Liquidator Amanda Young’s Registration

ASIC - liquidatorThe registration of Ms Amanda Young as a liquidator has been cancelled following a decision by a disciplinary committee that she was not a fit and proper person to be registered as a liquidator.

The Committee concluded that Ms Young had improperly used her position, falsified books and misappropriated funds totalling $238,502.23 from four liquidations.

The Committee noted Ms Young,’…took deliberate steps to conceal her actions, including falsifying official documents and misleading and deceiving her colleagues.’

Further, the Committee concluded, ‘…that a suspension would be inappropriate and contrary to the public interest, due to the gravity of Ms Young’s repeated misconduct, her failure to express contrition or remorse and because of the importance of protecting the public, and specifically and generally deterring others, from similar conduct.’

ASIC Commissioner Cathie Armour said, ‘Registered liquidators are in a position of trust and must act honestly in the protection and administration of creditors’ money.

‘This matter serves as a timely reminder to all registered liquidator practices to regularly review their systems and processes, particularly fraud prevention and detection measures’, Ms Armour said.

The Committee’s Report and Reasons for decision, handed down on 3 June 2020, are here.