ASIC has cancelled the liquidator registration of James Gerard Thackray for failing to pay Industry Funding Model levies (IFM Levies) and associated late payment penalties for at least 12 months after their due date.

Mr Thackray had not substantively engaged with ASIC between January 2023 to September 2026, including failing to respond to ASIC correspondence about outstanding IFM levies and penalties.

On 4 September 2026, ASIC issued Mr Thackray with a Notice of Intention to Suspend or Cancel Registration which afforded Mr Thackray the opportunity to make submissions for ASIC’s consideration when making its decision.

On 17 September 2026, Mr Thackray made submissions and paid all outstanding IFM Levies. The penalties remain outstanding.

Mr Thackray's liquidator registration was cancelled on 2 October 2026, under s40-30(1)(g) Schedule 2 of the Corporations Act – Insolvency Practice Schedule (Corporations) (Schedule 2).

In considering its decision, ASIC took into account:

• Mr Thackray’s history of non-compliance and lack of engagement with ASIC about payment of IFM levies
• Mr Thackray’s previous assurances of rectifying his outstanding obligations that were not adhered to.

Background

The Industry Funding Model regime is intended to recover ASIC’s costs in dealing with leviable entities through its regulatory functions. Registered liquidators are a leviable entity within the meaning of the ASIC Supervisory Cost Recovery Levy Act 2017 (Cth).

Failure to pay IFM Levies (and any associated penalties) shifts the financial burden onto compliant practitioners and undermines the integrity and sustainability of the Industry Funding Model.

Under ss40-25(1)(g) or 40-30(1)(g) of Schedule 2, ASIC may suspend or cancel the registration of a liquidator if an amount of IFM levies including any penalties have not been paid in full at least 12 months after the due date.