This post is in response to Ms Kate Carnell overarching comments made Tuesday 21 July 2020.
AIIP representatives spent some time with her office at the beginning of the year. A great deal was not learnt or omitted. It is a very biased report skewed towards the owners and directors of businesses and is essentially a “liquidator bashing exercise”.
Taking a small sample size pool of directors complaints about liquidators without analysing the issues is not good enough for fuelling the argument for law reform on the run.
It includes recommendations for:
Hopefully these recommendations will not see the light of day.
Comments by King & Wood and Baker & McKenzie both raise the impact on creditors and the issues related to insolvent trading.
The AIIP board hold to the following:
How much time have we got?
Not much, and more than that it took for Kate to have her report written.
The insolvency industry is ready. Has never been more ready. Don’t fiddle with the basic concepts that might only save a few but cause unimagined consequences.