ASIC has accepted a voluntary undertaking (VU) from Victoria-based registered liquidator, Gregory Stuart Andrews, of the insolvency firm GS Andrews & Associates.

An ASIC investigation found Mr Andrews had not complied with his statutory lodgement and publication obligations.  In response, Mr Andrews acknowledged his non-compliance and took the necessary steps to rectify the breach.

The VU requires Mr Andrews to:

• not accept any new appointments for a three-month period;
• engage an independent expert to provide training to Mr Andrews and his firm's professional 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'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.

Background

On 29 November 2013, ASIC advised all registered liquidators of its Public Notices and Website Project to test compliance with reporting and publishing requirements.

ASIC has, to date, reviewed more than two thirds of all registered liquidators as part of the project. The principal objective is to build further trust and confidence in the insolvency market, and ASIC's regulation of that market, through a measurable increase in compliance.

ASIC's project continues.

Editor's note:

On 29 March 2017 ASIC confirmed that Mr Andrews has satisfactorily completed all of the terms of his VU.