Roborelease
Thousands of reports are filed each year alleging wrongdoing by people connected to failed companies, but ASIC only pursues less than 3 per cent
The corporate regulator ASIC is using an automated system to dismiss allegations of serious wrongdoing by company directors in as little as 38 seconds, allowing thousands of bosses who oversaw failed firms to escape scrutiny over the past five years.
One report lodged by veteran liquidator Michael Brereton, of firm William Buck, accused the directors of a company that failed while owing creditors up to $250,000 of withholding records, trading while insolvent for more than two years, and breaching their legal duties.
Despite Brereton telling the Australian Securities and Investments Commission (ASIC) that he had documentary evidence to back up his claims, the regulator responded with an auto-generated email sent just 38 seconds later declining to investigate.
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