ASIC’s advice to liquidators
The Australian Securities and Investments Commission (ASIC) has released a consultation paper on new insurance requirements for registered liquidators.
The paper seeks feedback on ASIC proposals about the new insurance requirements, which were introduced last year and require registered liquidators to have adequate and appropriate professional indemnity and fidelity insurance.
Commenting on the release, ASIC acting executive director of regulation John Price said new liquidators applying for registration before publication of ASIC’s final guidance should be guided in the interim by proposals in the consultation paper.
“ASIC encourages insolvency practitioners, creditors and insurers, their professional adviser, and others with an interest in this area to read the paper and provide feedback,” he said.
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