ASIC accepts voluntary undertakings from NSW liquidators

ASIC has accepted voluntary undertakings (VUs) from NSW based registered liquidators, Mr Riad Tayeh and Mr David Solomons, both of deVries Tayeh – DVT Group.

ASIC’s ongoing industry wide project to test compliance with registered liquidators’ obligations to lodge documents and publish notices required under the law continues to identify practitioners not complying with basic obligations. Mr Tayeh and Mr Solomons acknowledge certain non-compliance and have taken the steps necessary to rectify it.

The VUs require Mr Tayeh and Mr Solomons to:

  • engage an independent expert to train their firm’s professional staff, with an emphasis on promoting an improved compliance culture; and
  • have a suitably qualified independent party review three external administrations each, selected by ASIC. The reviewer must assess compliance with the duties and obligations imposed upon registered liquidators and report their findings to ASIC.

ASIC’s actions demonstrate its continuing commitment to work cooperatively with registered liquidators to ensure they maintain a high standard of compliance to promote trust and confidence in the profession.

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