How to check a Liquidator’s registrations
If you are part of the insolvency world and spend any time online, you may have come across some “marketing advisers” that “sell” liquidations – they give advice, sometimes very poor advice, make promises, obtain the full fee from you then find a liquidator, and pay him or her a portion of the fee you paid. There is no way for you to have any comeback against that “marketing adviser” because you don’t actually appoint them. So, before you appoint anyone as an adviser or liquidator we recommend you check out their credentials with ASIC and with other independent regulatory bodies.
Step 1 – What is the name of the proposed Liquidator?
That is, you will be appointing an individual, not a company. By way of example, if you appoint at Dissolve, the individual who will be the Registered Liquidator is Clifford Sanderson.
Step 2 – Check on the ASIC website that the proposed appointee is a Registered Liquidator.
ASIC is the government authority that has overall responsibility to register, supervise and, where necessary, discipline Registered Liquidators. A Registered Liquidator must have many years of experience, appropriate qualifications and abide by a number of laws regarding disclosure and conduct. You can check out the proposed appointee’s registration on the ASIC website. So go to the ASIC Website-Professional Registers then fill in the boxes – the Register you select is obviously Registered Liquidator.
Step 3 – Check the proposed liquidator is a member of the Australian Restructuring Insolvency & Turnaround Association (“ARITA”).
ARITA is the peak professional body for insolvency practitioners. ARITA has very high requirements for membership and a wide range of ethical requirements and ongoing study which members must meet. ARITA’s requirements include and exceed the requirements of ASIC. You can go straight to the “Look up a Practitioner” page here. Trick – some Registered Liquidators are not members of ARITA so do not need to comply with the high standards set by ARITA.
And for the record, I am Cliff Sanderson and I own and run Dissolve which is a specialist company liquidation firm. I have over 25 years of insolvency experience including partnership at Ernst & Young. I am a Registered Liquidator (155400), Chartered Accountant, Member of the Australian Restructuring Insolvency & Turnaround Association, Member of the Turnaround Management Association.