ASIC has accepted voluntary undertakings (VUs) from NSW based registered liquidators, Mr Riad Tayeh and Mr David Solomons, both of deVries Tayeh – DVT Group.

ASIC’s 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 certain non-compliance and have taken the steps necessary to rectify it. 

The VUs require Mr Tayeh and Mr Solomons to:

• engage an independent expert to train their firm’s 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 ASIC. The reviewer must assess compliance with the duties and obligations imposed upon registered liquidators and report their findings to ASIC.

ASIC’s 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, ASIC advised all registered liquidators of its Public Notices Website and Non-lodgements Project to test compliance with reporting and publishing requirements.

ASIC 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.

ASIC’s project continues.

Editor's note 1: ASIC confirms that Mr Tayeh and Mr Solomons have
satisfactorily completed all of the terms of their VUs.