SYDNEY insolvency operator Alan Godfrey Topp has been benched temporarily after failing to lodge hundreds of statutory notices and other documents with the corporate regulator.
Following an application from the Australian Securities and Investments Commission (ASIC), the Companies Auditors and Liquidators Disciplinary Board (CALDB) said it had ordered Topp's liquidator's registration be suspended for six months. According to the ASIC website, his status as an official liquidator is unaffected by the CALDB order.
In its November 2013 application, ASIC alleged that over a period of almost four years beginning in May 2009, Topp failed to lodge 321 documents, including 209 presentation of six monthly accounts, otherwise known as 524 forms. Of these 309 related to liquidations; the remaining 12 to administrations. 48 EX01 forms were also overdue along with 37 5011 or 1500 forms. The lodging lapses involved 61 companies.
ASIC notified Topp on April 4, 2013 that it had identified the compliance failures so it took just over 12 months for the process to reach the point where CALDB ordered the suspension.
CALDB, which heard the matter on April 7 this year, said Topp did not dispute the allegations, which were the subject of agreed consent orders between the parties. The panel also acknowledged that no dishonesty was involved and that Topp's plight had been exacerbated by insufficient resources and unspecified "personal issues".
Once his six month suspension is complete Topp will be restricted for a further six months to accepting appointments only as a joint liquidator.
As part of the agreed consent orders he is also required to pay ASIC's $2000 cost of the application as well as what promises to be hefty late lodgement penalty. Topp did not respond to a request for comment.
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See also: Insolvency veteran slapped with suspension
Following an application from the Australian Securities and Investments Commission (ASIC), the Companies Auditors and Liquidators Disciplinary Board (CALDB) said it had ordered Topp's liquidator's registration be suspended for six months. According to the ASIC website, his status as an official liquidator is unaffected by the CALDB order.
In its November 2013 application, ASIC alleged that over a period of almost four years beginning in May 2009, Topp failed to lodge 321 documents, including 209 presentation of six monthly accounts, otherwise known as 524 forms. Of these 309 related to liquidations; the remaining 12 to administrations. 48 EX01 forms were also overdue along with 37 5011 or 1500 forms. The lodging lapses involved 61 companies.
ASIC notified Topp on April 4, 2013 that it had identified the compliance failures so it took just over 12 months for the process to reach the point where CALDB ordered the suspension.
CALDB, which heard the matter on April 7 this year, said Topp did not dispute the allegations, which were the subject of agreed consent orders between the parties. The panel also acknowledged that no dishonesty was involved and that Topp's plight had been exacerbated by insufficient resources and unspecified "personal issues".
Once his six month suspension is complete Topp will be restricted for a further six months to accepting appointments only as a joint liquidator.
As part of the agreed consent orders he is also required to pay ASIC's $2000 cost of the application as well as what promises to be hefty late lodgement penalty. Topp did not respond to a request for comment.
Email SiN
See also: Insolvency veteran slapped with suspension
Assuming they're all more than one month late that's a whopping $95,979.
ReplyDeleteAssuming that he can provide evidence and invoices for the funds he charged for his services
ReplyDeletethis is very light