On January 18, 20112 Australian Securities and Investment Commission (ASIC) published that the commission has accepted an enforceable undertaking (EU) from Sydney liquidator, Mr Peter Ngan, which prevents him from practising as a registered liquidator for the next two-and-a-half years. Following an ASIC review of 24 external administrations which Mr Ngan managed as sole appointee at his firm, Ngan & Co, ASIC found Mr Ngan, who is also an official liquidator, failed to carry out or properly perform his duties. ASIC Deputy Chairman Belinda Gibson said the matter was detected through ASIC’s proactive liquidator compliance program which has been tasked to identify issues with practitioners in the industry for further investigation and appropriate enforcement action as required.

The original article can be found at Australian Securities and Investment Commission.