The AIIP has asked ASIC to help find a better way to assist liquidators conduct cost effective and efficient examinations of company directors, their advisors and stakeholders. Currently the excessive financial & time cost of public examinations prevents timely investigations and impedes the payment of dividends to creditors. A quicker and more cost effective method of examination will benefit creditors, regulators and the proper functioning of commercial enterprise in Australia. The AIIP is awaiting feedback from the ASIC.
The AIIP has asked ASIC to assist with the simplification of form lodgements required in external administrations. AIIP asks, could the form 507, replace the need for lodgement of a form 5604/509 & 507? Are forms 505 and 205 both necessary in a CVL & MVL? Are forms 5603 and 505 both necessary?
Minor adjustments to the forms Liquidators are required to lodge will elicit significant efficiency gains in the administration and regulation of external administrations.
The AIIP asserts legislative reform is required so liquidators of trustee companies will not be required to make expensive applications to court to carry out basic tasks of selling assets and seeking approval of remunerations. The beneficiaries of these changes will include creditors, regulators, the courts and liquidators. The AIIP looks forward to raising this issue with the regulators.
The AIIP has lodged a submission with government on the introduction of director identification numbers. Click here to download a copy of the submission.