NSW liquidator completes review

An independent peer review has addressed concerns raised about the compliance culture and practices of NSW registered liquidator Chris Chamberlain of Chamberlain's SBR.

The peer review formed part of a voluntary undertaking with ASIC after the identification of Mr Chamberlain’s non-compliance with certain statutory lodgement and publication obligations, as part of ASIC's ongoing compliance project.

Responding to ASIC’s concerns, Mr Chamberlain acknowledged the non-compliance with his statutory lodgements and public notifications.

The undertaking with Mr Chamberlain took effect on 8 February 2016. It involved an independent review and report on three external administrations, selected by ASIC, to:

• assess his compliance with his duties and obligations as a registered liquidator; and
• provide recommendations that improve the firm's compliance culture.

ASIC said its action in this case demonstrates its continuing desire to work openly with registered liquidators to "ensure they achieve and maintain a high standard of compliance".

"Liquidators must actively enhance a strong compliance culture in their firms to promote trust and confidence in the profession," the regulator said.

On 29 November 2013, ASIC advised all registered liquidators of its project testing 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.