The Nationals Senator for New South Wales John Williams says the Senate Economics Inquiry into liquidators and administrators has given industry bodies and regulators plenty to work on.

Senator Williams, a member of the Senate Economics Committee, says after five public hearings, numerous witnesses and 91 submissions it is evident reforms are needed to address problems that have been highlighted in the inquiry.

He said a common theme of many of the submissions and evidence was the perceived lack of support given by ASIC when complaints were lodged.

“ASIC believes it always responded in an appropriate manner but it is obvious there are failings that need to be addressed to tighten regulations and control of an industry that has had some bad publicity in recent times.

The inquiry explored whether ASIC has enough resources to do its job properly or whether the regulatory functions of this industry should be administered by a separate body.

The question of fees should also be addressed. Probably the most common complaint I have received is the cost of these liquidations, and the belief by many that the more assets the troubled company has, the longer the matter is drawn out by the liquidator.

The Insolvency Practitioners Association which initially said there was no need for this Senate inquiry also has plenty of evidence to review.

The Senate Committee will now consider which recommendations if any it will include in its report to be handed down in August”, Senator Williams said.