Regulation/Legislation

SV pair’s shot at security license law rejected

When SV Partners’ pair Shumit Banerjee and Jason Porter were appointed joint and several voluntary administrators (VAs) of United Security Enterprises Pty Ltd (USE’s) it dawned on them very quickly that they had a problem. Under the Security Industry Act and cl 13(3) of the Security Industry Regulation 2016 (NSW) the Commissioner of Police was obliged to revoke the company’s master security license due to the event…

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Industry acts as Treasury releases phoenix reforms

Federal Treasury yesterday released its Reforms to combat illegal phoenix activity – Draft Legislation and the insolvency industry’s key association produced a summary of the exposure draft’s key points and invited members to provide feedback for inclusion in the Australian Restructuring Insolvency & Turnaround Association’s (ARITA) submission. The reforms – which are a centrepiece of Financial Services Minister Kelly O’Dwyer’s anti-phoenix crusade, will: Create new phoenix offences to target those…