DISGRACED liquidator Stuart Ariff will face public examinations over controversial dealings involving various companies.

It is the first time Mr Ariff will face formal questioning in court, following a settlement he reached with the corporate regulator in August.

The corporate regulator, the Australian Securities & Investments Commission, disqualified Mr Ariff from acting as a liquidator for life, and he agreed to a $4.9 million compensation order.

But he was later declared bankrupt, with claims for more than $11m lodged with his trustee. His estate had assets of just $30,000, which was not enough to fund a public examination.

Yesterday, Mr Ariff’s trustee in bankruptcy, Warner Kugel’s Anthony Warner, said the examination could go ahead thanks to funding from the Insolvency Trustee Service Australia.

Mr Warner said the body “clearly appreciates the seriousness of the allegations concerning Mr Ariff”.

Mr Warner said questions would focus on Mr Ariff’s business operations and why he had disclosed no significant assets in his statement of affairs.

By Susannah Moran, The Australian

January, 23, 2010