Evidence given at Senate estimates indicates that not all liquidators have taken heed of the bad image of the industry, according to The Nationals Senator for New South Wales John Williams.

In response to a question from Senator Williams, Australian Securities and Investments Commissioner Michael Dwyer admitted there are “perhaps two handfuls who sail close to the wind”.

Senator Williams, who instigated last year’s Senate inquiry into the insolvency industry, said it is pleasing to see ASIC has stepped up its surveillance of liquidators and has conducted 183 reviews over the past year.

“It is disappointing on one hand to hear Mr. Dwyer say there are still a troublesome number of liquidators who are being investigated and some are nearing deterrence action.

But on the positive side, I commend ASIC for sending a clear message to the industry that wrongful practices won’t be tolerated.

I maintain the insolvency industry needs tighter regulation such as licensing to allow regulators like ASIC to properly police it.

It is something I am working towards”, Senator Williams said.