Insolvency firm Jirsch Sutherland will look to realise all the assets in former Astarra Asset Management (AAM) director Shawn Richard’s estate, after he declared bankruptcy in late January.
The company’s managing partner, Rod Sutherland, confirmed Richard voluntarily entered bankruptcy following AAM’s issues and would prepare a preliminary report for creditors in coming weeks.
“We are going to investigate his financial affairs and identify any assets and liabilities he has and report those to creditors in due course,” Sutherland said.
“After the preliminary report we will carry out further investigations and do a second report and then if there’s any money from the realisation of his divisible assets, we will be making a distribution to creditors.”
All of the assets in Richard’s estate including those overseas would fall into Jirsch Sutherland’s control and eventually be realised, he said.
“If creditors are aware of any assets that are not recorded in Shawn Richard’s statement of affairs they should contact the trustee,” he said.
He said although Astarra fund investors could make a claim against Richard, they would be treated equally along with any other claims.
Sutherland was unable to say how much Richard’s assets were worth.
On 4 February, Richard appeared in the Supreme Court of New South Wales to plead guilty to two charges of dishonest conduct while running a financial services business.
He also admitted to a third charge of making false statements in relation to financial products.
Richard faces a maximum of 10 years in jail and will reappear for sentencing in the Supreme Court on 13 May.
