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LAST DAYS FOR SENATE INQUIRY SUBMISSIONS

Individuals and businesses planning to lodge a submission to the Liquidators and Administrators Senate Inquiry are urged to get their submissions in before the end of this week.

The Nationals Senator for New South Wales John Williams, a member of the Economics References Committee, initiated the inquiry at the end of last year after he was made aware of problems faced by a number of individuals and businesses.

“It is obvious from the submissions received so far that people have had troubled times dealing with liquidators and in many cases with ASIC.

Only this week we learnt that another liquidator in Victoria has had his registration suspended for 18 months for failing to properly carry out his professional duties.

It appears the insolvency industry may need a real shake-up because people are viewing it with great scepticism”, Senator Williams said.

Submissions need to be lodged this Friday at http://www.aph.gov.au/Senate/committee/economics_ctte/liquidators_09/index.htm and the first public hearing will be conducted on the 12th of March.

Comments  

 
#1 Guest 2010-04-03 18:13
Dear Senator Williams,

A late submission by ASIC appears, on the surface, to list the actions that ASIC promised to make or was obliged to make.

The devil is in the detail. ASIC has not actioned most of its own suggestions and it has not taken sufficient interests in the law that they are obliged to uphold. Simply listing the purported safeguards is misleading when such safeguards are not given any teeth.

For example, if ASIC were asked about how many businesses were actually pursued for trading whilst insolvent, a different picture would emerge. Having a few reports per year from auditors without actioning those reports - in fact not even having a proper definition of insolvency - does not give creditors much reason to relax.

ASIC is a veneer that has little depth. I will try to dig a little deeper but I submit that the Senate ought to ask a few questions to look for substance in ASIC's submission.

What is ASIC really doing to supervise liquidators?

Yours sincerely,

Martin Vink
7 Haig St
CROYDON VIC 3136

03 9733 0767
 

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