Liquidators play an important front line role in combating a range of corporate misconduct including illegal phoenixing behaviour. The Government has established a new committee system, which allows the Australian Securities and Investments Commission (ASIC) to complement its own experience with that of members of the industry, when considering new applicants for registration.
Under this new system, ad-hoc three person committees will be formed as required, to consider registration applications and disciplinary matters. This system is the final step in a suite of changes to strengthen the registration, disciplining and regulatory oversight of liquidators under the significant reforms to the Australian corporate insolvency regime which were enacted in 2016.
Each time a committee is formed by ASIC one committee member will be drawn from a Ministerial pool of appointees. The remaining two members of each committee will be a representative of the Australian Restructuring Insolvency and Turnaround Association and ASIC.
The newly appointed members to the Ministerial pool are:
- Ms Wendy Leegel
- Ms Clare Lethlean
- Mr Stewart Maiden
- Mr Leon Zwier
- Mr Simon Wallace-Smith
- Mr Michael Gronow
- Mr David Brown
- Mr Cameron McKenzie
- Mr David Miller
Ms Leegel, Ms Lethlean, Mr Maiden, Mr Zwier and Mr Wallace-Smith will be appointed to the pool for three years. Mr Gronow, Mr Brown, Mr McKenzie and Mr Miller will be appointed for two years. These terms will ensure that not all members expire at the same time.
The move to the new committee system also means that the Companies Auditors and Liquidators Disciplinary Board will no longer have responsibility for disciplinary matters for registered liquidators. They will continue with a disciplinary role in relation to registered company auditors as the renamed Company Auditors Disciplinary Board.