ASIC’s Assetless Administration Fund (AAF) is routnilely bollicked for being too tightfisted, too difficult to access and just too bloody hard but a look at the numbers going back to 2016 shows there are some practitioners more fortunate than others when it comes to extracting those prized grant dollars.
Number one has been Worrells partner Simon Cathro, who since My 2018 has pulled $1,162,088.50c in AAF dollars in 21 separate grants.
We don’t know how many applications Cathro made in total during the period – 21 might represent one successful application in five for example – but we suspect his strike rate’s a lot better.
BDO’s Nick Martin also appeared to have little trouble amassing AAF funds to pay legals, winning $828,716.00 in grants between September 2016 and April 2020.
Grant Thornton’s Dave Hodgson enjoyed much favour from the Gods of Application & Process apparently, reaping $706,325.05c between December 2017 and January this year.
His Brisbane-based colleague Mike McCann likewise shared in the general benevolence, receiving $487,607.00 between August 2018 and January 2019.
KordaMentha worthy Rahul Goyal meanwhile had $466,722.00 in AAF blessings heaped upon him between March 2019 and May 2020.
No doubt these practitioners aren’t enjoying such an exceptional level of success based solely on their charming personalities.
iNO will be investigating further in hopes of shedding more light on the hows and whys of AAF application success, and failure. Support INO’s continued chronicling of the insolvency sector.
“the Gods of Application & Process”.
Gods grant me the serenity
to accept the Regulatory Guides I cannot change;
The strength to not call ASIC F@#kwits;
and the wisdom to spin the AAF application like Warnie.
Great story, very interesting.I sent it to a couple of senators, we need ASIC to be more accountable and transparent.I hope you dont mind, keep[ up the good work.
Last time I did an AAF, the lady from ASIC didn’t know what a balance sheet was and made me re-submit the application with a description of what one is. Then ASIC sent letters advising to stop sending in applications.
I’d be interested in seeing one of these letters you say ASIC sent to you.