The Australian Financial Security Authority (AFSA) and Inspector-General in Bankruptcy have raised concerns regarding the conduct of the controlling trustees of the estate of Mr Jon Angelo George Adgemis.
Specifically, the Inspector-General is concerned that the controlling trustees have not adequately investigated the debtor's estate or provided a sufficiently detailed report to creditors. A growing number of creditors are also voicing concerns.
To address these issues, a delegate of the Inspector-General intervened in the creditors' meeting using their powers to direct the conduct of the meeting. The delegate made a statement to inform all parties of the Inspector General's concerns, ensure that an adjournment was considered by creditors and the controlling trustees, and outline the potential ramifications of misusing the personal insolvency system.
The meeting has been adjourned which will enable the controlling trustees to undertake further investigations to the expected standard and give creditors time to conduct their own enquiries. It also ensures creditors are better prepared for any future meeting, including the opportunity to ask questions of Mr Adgemis or the controlling trustees.
The Inspector-General also has concerns about whether a number of parties have fully complied with the Bankruptcy Act. However, the Inspector-General has not yet formed a view as to whether any specific provisions have been contravened by any particular party.
AFSA and the Inspector-General in Bankruptcy are committed to upholding the integrity of, and public trust in, the personal insolvency system and delivering fair outcomes for all Australians.
