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Hall Chadwick Accountants liquidator fined
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By a staff reporter
Hall Chadwick Chartered Accountants liquidator Richard Albarran has been fined $20,000 by the Federal Court of Australia for refusing to answer questions in a disciplinary proceeding being considered by the Companies Auditors and Liquidators Disciplinary Board (CALDB).
The court found Mr Albarran’s refusal to answer 37 questions was wilful, and a deliberate and stubborn defiance of the Panel, said the Australian Securities and Investments Commission (ASIC) said in a statement.
ASIC was substituted by the Court as plaintiff before the final hearing.
On 26 February 2008, Justice Jacobson ordered that Mr Albarran be punished as if he had been guilty of contempt of court for failing to answer questions
Mr Albarran was fined after the court took into account the seriousness of his contempt, his knowledge of the consequences, and his failure to show contrition, ASIC said.
He was ordered to pay the costs of the proceeding (including the CALDB costs incurred prior to the substitution of ASIC as plaintiff.
"A substantial fine is required to vindicate the authority of the Board and to serve the requirements of personal and general deterrence", Justice Jacobson said.
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