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Liquidator hit with ASIC punishment


ASIC has accepted a voluntary undertaking from a Sydney-based liquidator, following an investigation into compliance within the insolvency market.

By Mitchell Turner 9 minute read

ASIC has accepted the voluntary undertaking (VU) from Stephen Hathway of the insolvency firm, Helm Advisory.

As a result of investigations, ASIC identified Mr Hathway had not complied with statutory lodgement and publication obligations.  In responding to ASIC’s concerns, Mr Hathway acknowledged the non-compliance with his statutory lodgements and public notifications.

The key terms of the VU, which took effect on 16 February 2016, are:


Mr Hathway has agreed to implement firm-wide training for all professional staff at Helm Advisory, with an emphasis on promoting an improved compliance culture.

Mr Hathway also agreed to engage an independent expert to review three external administrations, selected by ASIC, to assess his compliance with the Corporations Act and the duties and obligations imposed upon all registered liquidators.

ASIC Commissioner John Price said: "ASIC continues its focus on ensuring registered liquidators meet their important lodging and publishing requirements. Disclosure of this type provides transparency and information to all stakeholders. This promotes trust and confidence in the profession and ASIC's supervision responsibilities."

November 2013 saw the launch of an ongoing ASIC project which sought to test insolvency compliance with reporting and publishing requirements.

“The project's key objective is to build further confidence in the insolvency market and our regulation of it through a measurable increase in compliance. ASIC's experience to date shows that non-compliance with simple obligations can reflect more serious problems with some insolvency practices,” ASIC stated.

Mitchell Turner


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