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ASIC, ATO, Discipline, Referrers, Regulation/Legislation 1 December 2017

Same referrers tar liquidators marked for termination

One of the most interesting aspects of chronicling the insolvency profession’s triumphs and tribulations involves the frequent observance of coincidence. The regulated population of registered liquidators might seem small, but not necessarily in the context of the amount of work available, which is a question that brings us to consideration of the sources of appointments. In the latest occurrence of coincidence, two liquidators facing efforts…

ASIC, Discipline, Fees, Judgment, Liquidations, Liquidators, Litigation 15 November 2017

ASIC inquiry into Sheahan and Lock imminent

When there’s $47 million in cash at stake, cross border insolvency issues and allegations that the disputed funds are proceeds of crime, it’s not surprising that the practitioners involved would fall out but the saga of Cedenco JV Australia/SK Foods Australia is one for the record books. Not only have liquidators John Sheahan and Ian Lock locked horns with receivers Mark Korda and Craig Shepherd during…

ASIC, Judgment, Regulation/Legislation 25 October 2017

New ASIC boss should bring a broom

Before one casts a critical eye over the back yards of others, one’s own patch must be beyond reproach, which brings us to the slightly unkempt quarter acre awaiting incoming ASIC chairman James Shipton. “One of the reasons I left to become a regulator is that I genuinely believed that financial institutions, big and small, had lost their way and were losing the trust of…