THE banned Sydney liquidator Stuart Ariff has been made bankrupt after an application from the brewing group Tooheys to the Federal Magistrates Court.
Tooheys did not return calls yesterday but is believed to be owed money for supplying beer to a company for which Mr Ariff was formerly liable as administrator. It was backed in its application by the office equipment supplier Ricoh Australia and the Australian Taxation Office.
Mr Ariff’s creditors will include 16 companies of which he was liquidator or administrator, which are owed $4.9 million in compensation.
The NSW Supreme Court ordered Mr Ariff to pay the compensation in August after finding he acted against the interests of creditors of the 16 collapsed companies.
At the same time, Justice Patricia Bergin banned Mr Ariff for life from acting as a liquidator or administrator due to ”conduct that is quite appalling”. Mr Ariff admitted to the court that he had misappropriated funds from the 16 companies under his control, allowed improper voting at creditors meetings and lodged false accounts.
Mr Ariff’s bankruptcy trustee, a CRS Warner Kugel partner, Anthony Warner, said yesterday that Mr Ariff had not yet filed a statement of affairs.
By Elisabeth Sexton, Sydney Morning Herald
October 21, 2009
