When a Sydney-based liquidator diverged insolvent Co. funds to personal accounts
A former registered liquidator from Lewisham, New South Wales, Amanda Young, has pleaded guilty to one count of fraud relating to the liquidation of St Gregory’s Armenian School Inc (St Gregory’s) and one count of dishonestly using her position as liquidator of Mamak Pty Ltd (Mamak).
Australian Securities and Investments Commission (ASIC) alleged that between 10 December 2017 and 5 December 2018, while a liquidator of Mamak, Admark Property Group Pty Ltd and Roller Poster Company Pty Ltd, Young caused the transfer of a total of $73,140 from the liquidation bank accounts of those companies to bank accounts that she controlled and then used the funds for her own purposes (20-160MR). The transfer in relation to the liquidation of Mamak was for $28,500.
ASIC also alleged that between 23 October 2018 and 2 November 2018, while a manager for the liquidation of St Gregory’s, Young caused three bank cheques totalling $165,362 to be drawn in her favour from the St. Gregory’s liquidation account and then deposited them to bank accounts that she controlled.
The two charges relating to the liquidations of Admark Property Group Pty Ltd and Roller Poster Pty Ltd will be taken into account for sentencing by the District Court, in line with s16BA of the Crimes Act 1914 (Cth).
The maximum penalty for an offence against s 192E of the Crimes Act 1900 (NSW) is ten years’ imprisonment. The maximum penalty for an offence against s 184(2) of the Corporations Act 2001 (Cth) is five years’ imprisonment.
Young entered the guilty plea before the Downing Centre Local Court on 19 January 2021 and has been committed for sentence in the District Court, Sydney.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC. It is next listed for mention in the District Court, Sydney, on 26 February 2021.
Background
Young was a registered liquidator and partner at Jirsch Sutherland Insolvency Solutions.
On 3 June 2020, the registration of Young as a liquidator was cancelled following a decision by a disciplinary committee (20-142MR) convened upon a referral from ASIC. Young had previously resigned all her external administration appointments and replacement external administrators have been appointed following orders by Justice Black of the Supreme Court of New South Wales on 14 December 2018.
