A trustee’s registration has today been suspended, following an ASIC-led inquiry by the Supreme Court of South Australia.
Mr Peter Macks, currently of Macks Advisory and formerly of PPB Advisory, was found to have falsified two memoranda requested by ASIC as part of an investigation into his role as liquidator of Bernsteen Pty Ltd and Newmore Pty Limited.
In October 2020, the Supreme Court found that Mr Macks had fabricated the documents, falsely included the initials of other employees at PPB Advisory and then attempted to pass them off as originals for the purposes of ASIC’s investigation.
During the inquiry, Supreme Court Justice Doyle found that Mr Macks acted dishonestly and for the purpose of deceiving ASIC.
Following submissions from ASIC, the Supreme Court has determined that Mr Macks’ registration as a liquidator should be suspended for a period of three years.
As a result of the Supreme Court’s findings, the Inspector-General in Bankruptcy has also suspended Mr Macks’ registration as a trustee for a period of three years.
Australian Financial Security Authority (AFSA) Deputy Chief Executive, Gavin McCosker, reiterated the importance of insolvency professionals acting with integrity to protect the wider insolvency system.
“Trustees fulfil an important role in society and carry significant responsibilities and as a result, their character must be beyond reproach,” Mr McCosker said.
“It is important that all trustees deal with all regulators fairly and honestly.
“As a result of his actions as a liquidator, Mr Macks’ registration as a trustee has been suspended for three years.
“AFSA expects all insolvency professionals to maintain high standards – and this is reflected in our Integrity Principles. Those who fail to meet our integrity standards, and act dishonestly or fraudulently, will face consequences for their non-compliance.”
More information about AFSA’s regulatory powers, including its compliance focus areas for 2020-21, is available on the AFSA website, afsa.gov.au.