Regulation/Legislation

ASIC follows AFSA’s lead in deputising profession

Deregistered Trustee David John Leigh. Don’t you love this initiative by the regulators to make registered practitioners responsible if a disgraced ex-trustee or liquidator weedles their way back into the game? The thought occurred to INO following Wednesday’s announcement by ASIC in regards to David John Leigh, the former PPB Advisory partner who misappropriated $800,000 from a liquidation account between July and November in 2017. The committee…

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Liquidator’s Levy could fuel phoenix phenomenon

It was late in 2016 when the Full Bench of the NSW Supreme Court of Appeal sat to hear why one of their own had, in his enthusiasm for applying the concept of proportionality to liquidator’s remuneration, charted a course described that day by the appellant’s counsel as “without juridical basis.” The appellant on that Wednesday in November was Cliff Sanderson, a registered liquidator. The legal…