The following media release from Insolvency Trustee Service Australia (ITSA) on 11 July 2011 concerning Mr Paul Pattison escaped my attention:
REGULATOR WELCOMES COURT ORDERS PROVIDING FOR VOLUNTARY RESIGNATION OF MELBOURNE-BASED BANKRUPTCY TRUSTEE PAUL PATTISON
Melbourne-based Registered Trustee, Paul Pattison, has voluntarily resigned from his bankruptcy appointments following concerns by the regulator, Insolvency and Trustee Service Australia (ITSA), about his capacity to adequately and properly carry out his duties.
On Friday 08 July 2011, the Federal Court of Australia accepted Mr Pattison’s voluntary resignation and orders were obtained appointing the Official Trustee (ITSA) to administer the 272 bankruptcy matters which were formerly administered by him. Arrangements are being made to ensure the smooth transfer and ongoing administration of these bankrupt estates.
Mr Pattison resigned as trustee of these matters and gave an undertaking that he would cease to carry out, consent to, or otherwise accept appointment as a trustee, until he produces evidence in a form acceptable to ITSA or to the Court demonstrating he has the practice and financial capacity to adequately and properly carry out his duties as a trustee.
Friday’s orders follow ongoing scrutiny into Mr Pattison’s financial capacity to undertake his duties. ITSA also liaised with the Australian Securities and Investments Commission in the lead up to the commencement of a formal process investigating this and related issues. No findings of impropriety as to the conduct of Mr Pattison as a trustee were made.
National Manager Regulation and Enforcement
Insolvency and Trustee Service Australia
Ph: 1300 364 785