Login
iscover
ASIC has accepted a voluntary undertaking from a Victoria-based registered liquidator, after it was found that he had failed to comply with his statutory lodgement and publication obligations.
Newsletter
Victorian liquidator hit after ASIC surveillance
17 August 2016
•
4 minute read
Following an ASIC investigation, Gregory Stuart Andrews of the insolvency firm GS Andrews & Associates acknowledged his non-compliance and has undertaken the steps required to rectify the breach.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
The voluntary undertaking requires Mr Andrews to:
- Accept no new appointments for a three-month period;
- Engage an independent expert to provide training to Mr Andrews and his staff, promoting an improved compliance culture; and
- Have a suitably qualified independent party undertake a review of three external administrations selected by ASIC. The reviewer must assess compliance with the duties and obligations imposed upon all registered liquidators and report its findings to ASIC.
ASIC reiterated its advisement of all registered liquidators in regards to its public notices and website project to test compliance with reporting and publishing requirements. The regulator indicated that it has currently reviewed more than two thirds of all registered liquidators as part of its ongoing investigation.
“ASIC's actions demonstrate its continuing commitment to work cooperatively with registered liquidators to ensure they achieve and maintain a high standard of compliance, which, in turn, promotes trust and confidence in the profession,” the regulator concluded.
You need to be a member to post comments. Become a member for free today!
