NEWCASTLE insolvency practitioner Stuart Ariff has been fined $20,000 by the Institute of Chartered Accountants and "severely reprimanded" over his activities as liquidator of a Hunter Valley business, Singleton Earthmoving.
Mr Ariff, whose firm Stuart Ariff Insolvency Administrators operates from Bolton Street, Newcastle, said he was unhappy with the decision.
The institute's professional conduct tribunal found that Mr Ariff's actions as liquidator of Singleton Earthmoving would "bring or are likely to bring discredit upon Mr Ariff, the institute and the profession of accountancy".
The tribunal was acting after findings against Mr Ariff by Justice Richard White in the NSW Supreme Court Equity Division in June last year.
Wambo Coal had mistakenly paid more than $46,000 to Singleton Earthmoving (in Liquidation) and had taken court action to recover what funds it could.
Justice White said that Mr Ariff knew that Wambo had already settled its debts and he described some of Mr Ariff's actions as "brazen". Mr Ariff was ordered to pay Wambo $18,150 with interest.
Institute spokeswoman Pippa Whittaker said other matters relating to Mr Ariff were still before the Australian Securities and Investments Commission.
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