THE banned liquidator, Stuart Ariff, has assets of $200 in cash and a claim for unpaid professional fees to satisfy his 37 creditors who are owed $7.7 million.

The figures are contained in Mr Ariff’s formal statement of affairs lodged yesterday with his bankruptcy trustee, CRS Warner Kugel partner Anthony Warner.

Mr Warner said yesterday he would ask creditors at their first meeting later this month to fund investigations of whether Mr Ariff has undeclared assets.

Mr Ariff put a value of $12 million on the claim for unpaid fees, relating to his administration of the CarLovers group of companies, but a court case seeking the sum has been discontinued, recoverability is in doubt and the NSW Supreme Court has already declared that Mr Ariff owes CarLovers compensation of $1.7 million.

CarLovers heads the largest group of Mr Ariff’s creditors, the people and companies identified in a NSW Supreme Court order in August directing him to pay $4.9 million in compensation for misappropriating funds from and mismanaging companies formerly under his control as liquidator or administrator.

On an application from the Australian Securities and Investments Commission, the court banned Mr Ariff from insolvency practice for life.

The 46-year-old also disclosed a $255,000 debt to the Australian Taxation Office and unpaid bills of $480,000 to the Sydney law firm Deacons, $54,000 to the Newcastle law firm Turnbull Hill and $30,000 to the Melbourne law firm Mills Oakley.

Mr Ariff’s loans include $300,000 from a Mr and Mrs Y. Ariff, presumed to be his father, a former Malaysian ambassador Yusof Ariff, and his Australian mother, Barbara.

He has also borrowed $250,000 from National Australia Bank, $100,000 from Aleasing and $40,000 from GE Finance.

Mr Warner said it was unlikely creditors would be able to call on Mr Ariff’s professional indemnity insurance, which was cancelled last year. ”They were claims-made policies, which meant that the claim had to be notified to the insurers before the policies were cancelled,” Mr Warner said.

”We are still waiting to hear from the insurance companies as to whether any claims were notified but we have grave concerns that the insurers were not notified,” he said.

The creditors, who will meet in Sydney on December 17, are split into nine owed court-ordered compensation, 21 trade creditors and seven related parties.

By Elisabeth Sexton, Sydney Morning Herald

December 2, 2009