ASIC

ASIC’s aspirational target might as well be imaginery

Imagine if registered liquidators’ viewed the meeting of a regulatory deadline as an aspirational target. ASIC would visit upon such transgressors a veritable plague of show cause notices, and woe betide the unrepentant. But does the regulator feel obliged to demonstrate a standard of compliance as scrupulous as that which it demands from those it licences? iNO thinks not, at least in terms of the…

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Liquidators ordered to repay almost $2 million

Liquidator John Sheahan. Federal Court Judge Tony Besanko has detonated the judicial equivalent of small nuclear device in the vicinity of Ian Lock and John Sheahan, ruling the pair must repay 30 per cent of almost $5.8 million in fees that they’ve been paid as administrators and liquidators of the Cedenco JV Australia Group. In determining the quantum of the reduction – first flagged in…