Bankrupt director banned for two years

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ASIC has banned Bradley Thomas Sherwin, the chairman of collapsed lender Wickham Securities.

On 1 May, Sherwin filed for bankruptcy and Official Trustees were appointed as his trustee in bankruptcy. This has resulted in ASIC banning Sherwin from financial services for two years and seven months – the period remaining of his bankruptcy, unless the trustee extends the period.

ASIC is continuing its investigation into the collapse of Wickham and Sherwin Financial Planners and other related entities.

Sherwin was the director of eight companies which formed a part of a group of companies known as the Sherwin Group which collapsed in early 2013:

  • Wickham Securities Limited
  • Sherwin Financial Planners Pty Ltd
  • DIY Superannuation Services Pty Ltd
  • Wickham Capital Pty Limited
  • Astor Funds Pty Ltd
  • Reacroft Pty Ltd
  • Blue Diamond Investments Pty Ltd, and
  • SP Property Pty Ltd.

Those companies are now in liquidation and the companies’ assets are in the control of the appointed liquidators Stefan Dopking, Quentin Olde and Michael Ryan of FTI Consulting.

In July, ASIC added five defendants to the proceedings brought against Wickham Securities, freezing the assets of all five in an attempt to compensate victims. There are now 15 defendants involved in the proceedings.