ASIC accepts voluntary undertaking from Victorian liquidator


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.

Related News

arrow

ASIC accepts voluntary undertaking from Victorian liquidator

3

Send this to a friend

Fill out the form below for more information
for lising in LeapRate's Forex Yellow Pages

Please enter the company name, email address to reach you and phone # (optional):

Please fill out the message field to the right for any questions or special inquiry: