Scammer Information Details of Scam Report
Liquidator Damien Grant was 26 when he was sentenced to 30 months in prison for fraud. He spent 16 months behind bars and, last week, went back inside for the first time to see how â€” if at all â€” life had changed for inmates.
He should not be able to act as a liquidator.
He will just take all a company's assets as his fees. He also claims GST from the IRD and pockets that. That is a favourite trick of Liquidators. Not all Receivers and Liquidators are rogues and thives, there are a few honest ones.
"Damien Grant: The spotlight's shining on me
5:30 AM Sunday Jun 12, 2011 2 comments
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Mergers & Acquisitions
Ministry of Economic Development
Auckland city. Photo / Richard Robinson
Auckland city. Photo / Richard Robinson
Last week I wrote about holding ourselves to account for past failings and spoke of mistakes I have made in my past. Helpfully, the National Business Review this week detailed in technicolour some of those mistakes, specifically that in my early-20s I spent just over a year in prison for dishonesty.
It's well behind me but it's relevant because proposed new legislation in my industry could preclude people like me from practicing insolvency.
The insolvency profession is being regulated. At present, virtually anyone over 18 can take a liquidation. The only exceptions are those who are creditors of the business, or people who are bankrupt.
The first draft of the proposed law allowed for the Registrar of Companies to ban some individuals from acting as liquidators. The new draft is more onerous and sets a registration regime in place, but falls short of full regulation.
Like many in the industry, I would prefer a more comprehensive regulatory environment in which practitioners were required to demonstrate competence.
In Australia the industry is regulated by ASIC, the equivalent of our newly minted Financial Markets Authority. People must demonstrate they have a relevant tertiary qualification and have spent five of the past 10 years working for a licensed insolvency practitioner.
I am in favour of a similar system here, but given the costs involved I understand the Ministry of Economic Development's motivation in proposing a more light-handed approach.
Insolvency is a small industry. According to the Ministry, only 51 of us took more than 20 appointments last year, yet there were more than 100 people who took a single liquidation in that year.
Some of those who practice insolvency know too little about its complexities. It is easy for inexperienced professionals to take an appointment. Worse, it is too easy for a company to appoint a "friendly" liquidator when they get into trouble.
The new bill also provides automatic disqualification for individuals who have been expelled from professional bodies or have convictions for dishonesty. It forces such people to apply to the High Court before registering.
I support this, although it's clear my support is influenced by my history. Having this judicial discretion will preclude people who should be precluded. But it also allows for an objective review of a person's character, rather than a one-strike-and-you're-out regime.
My failure was one of character and personal integrity. People who do not understand the drivers of their own mistakes are doomed to repeat them. My lesson was not to be smarter, but to approach life and myself differently.
- Herald on Sunday
Herald on Sunday editor Bryce Johns says he is comfortable with the role of the paper\'s financial columnist Damien Grant, whose colourful history was traversed in an article by the National Business Review.
Journalist Matt Nippert - a former staff member at the HoS - revealed that Grant was convicted on 10 fraud charges in 1994 and sentenced to 2 years in jail - a history that would lead to unintended consequences if the Insolvency Practitioners Bill became law, the paper said.
Grant is currently a liquidator with Waterstone and would need to seek dispensation from the court in order to remain as such, the NBR said.
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