ASIC Accepts EU from Liquidator

ASIC – the Australian Securities and Investments Commission has acknowledged EU - an enforceable undertaking from Anthony Matthews and Associates, which is an Adelaide based liquidator of accounting firm.

Anthony Matthews was a voluntary manager of agricultural merchandise dealer, sapphire, which unsuccessful to correctly examine and document searches and report conclusions to the Australian Securities and Investments Commission.

The Australian Securities and Investments Commission originated he had unsuccessful to classify potential bankrupt trading claims against ultimate holding company and Sapphire's holding company, examine differences in the stock values as at key dates, examine a deed of settlement negotiating outstanding amounts and observe the attempted task of two deals contracts.

The Australian Securities and Investments Commission also revealed that Matthew and Associates did not give satisfactory report on director’s misconduct and also misconduct of creditors.

In March 2014, Matthew was appointed as voluntary administrator of Sapphire, when the company failed to do trading with unsecured outstanding amounts of over $10 million.

But now Anthony Matthew is taking reasonable steps for public examinations of creditors, directors and other parties of Sapphire, updating procedures, practice systems and investigations, and also appoint an external consultant for providing training to staff members bi-monthly.

He also appoints an independent authority to evaluation of his insolvency practice at his own cost.

Soon the report will be present to the Australian Securities and Investments Commission, and the Australian Securities and Investments Commission may publish the results present in report of experts.