Fat finger behind ANZ wind up error

WELL, you wouldn’t have wanted to be a hung over fund manager yesterday morning, logging on to check the portfolio after a big night out.

If you had then you might’ve seen that the daily insolvency notices included a listing for the ANZ Bank. Further, the listing showed that the bank was being wound up by the tax office.

According to the notice ANZ was subject to wind up proceedings brought by Gadens Lawyers on behalf of the Deputy Commissioner of Taxation (DCoT).

Imagine the potential reaction of the crapulous fundie if he or she was in charge of a serious parcel of ANZ stock. In their vulnerable state they might’ve panicked. A precipitous share price plunge could’ve been accidentally engineered.

Fortunately Insolvency Notices publisher Louttit & Associates realised that Gadens had mistakenly entered ANZ’s Australian Company Number (ACN) and was quick to act.

“Correction – AMENDED Insolvency Notices Alert 3 March 2016,” read the follow up email.

“An error occurred in the Insolvency Notices Alert on 3 March 2016 which incorrectly listed the Australia and New Zealand Banking Group Limited (“ANZ”) as having a Notice of Winding Up Application issued against it. It was obviously incorrect,” the email said.

“Unfortunately ANZ solicitors, Gadens, published, in error, the wrong ACN (Australian Company Number) on the public ASIC Insolvency Notices website, and we repeated the error on the daily Insolvency Notices Alert.

“This does however, highlight the significant number of errors that do occur on the ASIC Insolvency Notice’s website on a regular basis.

“I apologise for any inconvenience caused,” principal Jamieson Louttit.

Gadens declined to respond to questions sent by email. Voicemail messages seeking comment were not returned.

About the Author

Peter Gosnell

Sydney Insolvency News illuminates the practice of insolvency in Australia’s largest city, highlighting the triumphs and failures of Sydney’s registered practitioners and the accounting and legal professionals who work with them. SiN is produced by Peter Gosnell, former business editor and senior business reporter at The Daily Telegraph newspaper. During a decade-long career, your correspondent reported on such notable corporate collapses as HIH, One.Tel, Westpoint and Fincorp as well as some of the nation’s highest profile bankruptcies and the investigations and prosecutions arising from Australia’s most notorious instances of white collar crime.

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