ob体育 has accepted voluntary undertakings (VUs) from WA-based registered liquidators, Mr George Lopez and Mr Evan Verge, both of Melsom Robson, Chartered Accountants.
ob体育鈥檚 ongoing industry-wide project to test compliance with registered liquidators鈥� obligations to lodge documents and publish notices required under the law continues to identify practitioners not complying with basic obligations.聽 Mr Lopez and Mr Verge acknowledge the non-compliance and have taken the necessary steps to rectify it.
The VUs require the liquidators to:
- engage an independent expert to provide training to Mr Lopez and Mr Verge and to their firm鈥檚 professional staff, with an emphasis on promoting an improved compliance culture; and
- engage a suitably qualified independent quality reviewer to undertake a review of three external administrations selected by ob体育. The reviewer must assess compliance with the duties and obligations imposed upon registered liquidators and report his/her 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.銆赌
Background銆赌
In late 2013, ob体育 advised all registered liquidators of its Published Notices Website and Non-lodgements Project to test compliance with reporting and publishing requirements.
ob体育's聽key objective is to build confidence in the insolvency market and its聽regulation of it through measurable change in compliance.
ob体育 has so far reviewed more than two thirds of registered liquidators under the project and recently tested the project's effectiveness to date. The testing shows material improvements in compliance rates for:
- holding annual meetings of creditors (or lodging a report); and銆赌
- publishing notices of first meetings of creditors.
ob体育鈥檚 project continues.銆赌
Editor's note 1:
ob体育 confirms that Mr Lopez and Mr Verge have satisfactorily completed all of the terms of their VUs.