Friday 24 August 2012

Shock bouquet for outcast Ariff

Struck-off and jailed ex-liquidator Stuart Ariff .
STUART Ariff, the disgraced liquidator jailed for milking millions from companies under his administration, has been complimented for professionalism.

The surprise felicitation is contained in a submission to the Senate Economics Committee's inquiry into the post-GFC banking sector.

The author of the submission owned a painting firm in Forbes. In 2005 he and his then wife came under pressure from lender Bankwest

They decided to consult with Taylor Woodings about the possibility of appointing a voluntary administrator (VA).

"In about a month nothing had happened except some hefty bills from Taylor Woodings so we decided to search out another Administrator (sic)", the contractor wrote.

"We met a company in Newcastle, Stuart Ariff ....who sent out a team ..... to look at our business.

"We must of (sic) been one of the few who were happy with his service, which we found very professional.

"They told me the company was sound but we better do a VA as Bankwest wanted. I was told by Ariff we were solvent."

Okay. Maybe declarations of solvency lack something coming from the insolvency profession's most noxious bad egg but Ariff wasn't the only one who endorsed the painter's business.

"Once I signed the VA the next day two men from
RSM Bird Cameron in Sydney turned up and told us to close the doors straightaway as Bankwest had put us into receivership.

"I spoke to the receiver from RSM ... and he said I was mad for going into the VA as the business was highly profitable and in front of others stated 'this is the best business I have ever seen in receivership".

The submission contains no compliments for Bankwest.

Contact SiN

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