On 13 December 2019, a liquidator disciplinary Committee decided that the registration of registered liquidator Trajan John Kukulovski of Chan & Naylor RRI Pty Limited should be cancelled, and that ASIC should publish the Committee’s report of its decision.
Mr Kukulovski applied to the Administrative Appeals Tribunal (AAT) for review of the Committee’s 13 December 2019 decisions and in the interim, for a stay on implementation of the decisions and for confidentiality orders.
On 6 January 2020, the AAT refused to stay the Committee’s cancellation decision and Mr Kukulovski’s request for confidentiality orders. However, the AAT decided to stay the Committee’s decision that ASIC publish the disciplinary Committee’s report.
The cancellation of Mr Kukulovski’s registration took effect on 15 January 2020. Mr Kukulovski is not permitted to practise as a registered liquidator while the AAT review of the Committee’s decisions proceeds.
The Committee’s decisions follow ASIC’s referral to the Committee about Mr Kukulovski’s conduct in a number of external administrations.
The Committee found that Mr Kukulovski was not a fit and proper person to continue to be a registered liquidator.
ASIC Commissioner John Price said, “Creditors rely on registered liquidators, who hold ‘other people’s money’ in the course of administering companies and have a right to expect registered liquidators to act with competence and diligence.”
“ASIC will ensure that those who fail to meet these expectations are held to account.”
The AAT’s decision is available to read here.
On 16 January 2019 ASIC gave Mr Kukulovski a show cause noticeasking for a written explanation why his liquidator registration should continue.
ASIC was not satisfied with Mr Kukulovski’s response to the notice and convened the Committee on 27 May 2019.
Committees comprise an ASIC delegate, a registered liquidator nominated by the Australian Restructuring Insolvency & Turnaround Association (ARITA), and a Minister’s delegate. The Committee acts independently of each of these entities.