Registered liquidator cancels registration after ASIC flags concerns

The corporate regulator has accepted Ross Stephen Thomson’s application to cancel his liquidator registration after raising concerns about whether he was a fit and proper person to remain registered.

There were also concerns around whether he had adequate resources to satisfactorily perform his duties and functions as a registered liquidator.

ASIC’s investigations identified concerns that Thomson had not, or may not have, faithfully performed his duties as a registered liquidator.

In June 2025, the Inspector-General in Bankruptcy directed Thomson not to accept any new appointments as a registered trustee. The Australian Financial Security Authority (AFSA) then began legal proceedings in December 2025 seeking orders to preserve and protect funds and records relating to bankrupt estates under Thomson’s administration.

In July 2026, AFSA issued a statement on behalf of the Inspector-General in Bankruptcy welcoming a Federal Court of Australia order transferring 119 bankrupt estates from Thomson (who was a registered trustee) to the Official Trustee in Bankruptcy.

The decision in Inspector-General in Bankruptcy v Thomson [2026] FCA 982 followed concerns about access to the records and information needed to administer those estates effectively.

Justice Jackson’s judgement found that Thomson had not been faithfully performing his duties as a trustee. He said failures at various stages of his estate administration had contravened the Bankruptcy Act 1966.

The court found these failures were serious and could undermine public confidence in the registered trustee profession.

After ASIC requested Thomson to voluntarily resign from a number of liquidations in July, it replaced Thomson with Nicole Allmark and Paula Smith as liquidators.

ASIC Commissioner Kate O’Rourke said registered liquidators play a vital role in Australia’s insolvency system.

“ASIC will take action where it has concerns that a liquidator may not be meeting the standards expected of the profession, including where conduct may undermine confidence in the administration of external administrations,” O’Rourke said.

Thomson has not made any admissions regarding ASIC’s concerns.

Registered liquidators must comply with their obligations under the Corporations Act 2001, including the Insolvency Practice Schedule.

ASIC regulates registered liquidators and warned that it may take action where it has concerns about whether a person is fit and proper to remain registered or has adequate resources to perform their duties.

In 2015, ASIC accepted an enforceable undertaking from Thomson (trading as Red2Black Accounting Solutions in Perth) for, among other things, withdrawing $24,200 in remuneration that had not been approved, failing to secure assets in a timely manner, failing to adequately record his work, and failing to lodge documents with ASIC.

Under the enforceable undertaking, Thomson was required to repay the money and appoint an independent expert to review his practices.