Following an ASIC investigation, Gregory Stuart Andrews of the insolvency firm GS Andrews & Associates acknowledged his non-compliance and has undertaken the steps required to rectify the breach.
The voluntary undertaking requires Mr Andrews to:
- Accept no new appointments for a three-month period;
- Engage an independent expert to provide training to Mr Andrews and his staff, promoting an improved compliance culture; and
- Have a suitably qualified independent party undertake a review of three external administrations selected by ASIC. The reviewer must assess compliance with the duties and obligations imposed upon all registered liquidators and report its findings to ASIC.
ASIC reiterated its advisement of all registered liquidators in regards to its public notices and website project to test compliance with reporting and publishing requirements. The regulator indicated that it has currently reviewed more than two thirds of all registered liquidators as part of its ongoing investigation.
“ASIC's actions demonstrate its continuing commitment to work cooperatively with registered liquidators to ensure they achieve and maintain a high standard of compliance, which, in turn, promotes trust and confidence in the profession,” the regulator concluded.