Tribunal overturns ASIC liquidator ban, issues 5-year suspension instead

The Administrative Review Tribunal (ART) has overturned a previous ASIC committee decision to cancel the liquidator registration of Richard Auricht, determining a five-year suspension would be a more appropriate punishment.

In 2023, ASIC’s registered liquidator disciplinary committee found that Auricht was not a fit and proper person to be registered as a liquidator. As such, in June 2023, it cancelled his liquidator license.

However, in a 9 January 2026 decision, the ART considered that a five-year suspension would be a “more appropriate outcome,” given that Auricht’s conduct had not involved dishonesty and he had not previously been subject to disciplinary action.

In 2023, the ASIC committee found that Auricht had improperly used his position to draw remuneration of up to $388,688 from a company in liquidation without creditor or court approval.

In weighing its judgment, the ART noted the fact that Auricht had subsequently sought court approval for the remuneration he’d drawn without permission. However, the tribunal said this did not remedy the fact that he had taken the money in the first place.

Auricht had also failed to lodge necessary documents with ASIC while carrying out work as a liquidator, the ART said. This contributed to the committee’s finding that Auricht lacked the capacity to perform the functions and duties of a liquidator satisfactorily.

Court documents noted that Auricht claimed to have sent numerous documents to ASIC by post. While he acknowledged these documents could be lodged electronically, he noted there was no obligation to do so.

The committee determined that Auricht had “failed to obtain sufficient skills to allow him to lodge the documents electronically.”

Furthermore, while it was permissible to lodge forms by post, the committee found that Auricht had failed to ensure that the forms he had posted had been received and processed by ASIC.

The ART also rejected Auricht’s arguments that ASIC should have intervened when he first sought court approval for the remuneration, instead of referring him for disciplinary action. The Tribunal said that ASIC had “no obligation to participate in the Supreme Court fee approval application.”

The ART stipulated the five-year suspension should apply from the date of the committee's original decision in June 2023, meaning Auricht’s suspension would last until mid-2028.

ASIC gave effect to the ART’s decision by suspending Auricht’s registration as a liquidator.