ASIC Puts Spotlight On Insolvency Industry
The corporate regulator is claiming success with its crackdown on the insolvency profession and says it will continue to be a key area of focus, The Australian reported. The Australian Securities & Investments Commission has broken new ground by issuing its first annual report into the insolvency industry, identifying and describing recent enforcement actions in the wake of being granted additional funding to increase surveillance. Admitting the new enforcement regime "comes off a low base", deputy ASIC chairwoman Belinda Gibson said yesterday that last year, when it had been given an extra $11.4 million a year, ASIC opened eight probes into registered liquidators and took punitive measures against three: John Lord, Peter Ngan and Atle Crowe-Maxwell. Mr Lord had his registration cancelled while Mr Ngan was suspended as a liquidator for 2 1/2 years and Mr Crowe-Maxwell signed an undertaking relating to independence. ASIC's move to publicise its enforcement activity comes in the wake of the case of Newcastle administrator Stuart Ariff, who last December was jailed for at least 3 1/2 years for a series of dishonesty offences dating back almost a decade. Read more.