ob体育 has accepted voluntary undertakings (VUs) from NSW based registered liquidators, Mr Riad Tayeh and Mr David Solomons, both of deVries Tayeh 鈥� DVT Group.
ob体育鈥檚 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听certain non-compliance and have taken the steps necessary to rectify it.听
The VUs require Mr Tayeh and Mr Solomons to:
- engage an independent expert to train their firm鈥檚 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 ob体育. The reviewer must assess compliance with the duties and obligations imposed upon registered liquidators and report their findings to ob体育.
ob体育鈥檚 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.
Background
In late 2013, ob体育 advised all registered liquidators of its Public Notices Website and Non-lodgements Project to test compliance with reporting and publishing requirements.
ob体育 has to date reviewed more than two thirds of the registered liquidator population under the project. Our key objective is to build confidence in the insolvency market and our regulation of it through measurable change in compliance.
ob体育鈥檚 project continues.
听
Editor's note 1:听ob体育 confirms that Mr Tayeh and Mr Solomons have
satisfactorily completed all of the terms of their VUs.