Welcome to the Addisons Insolvency Update for July 2012.
Recent months have brought many developments in the insolvency, corporate and financial services fields. We report on some of these below.
Director Liability Revisited
The expansion of director liability has been a key theme of the Courts in recent years. A recent decision of the Queensland Court of Appeal however has curbed an otherwise alarming potential expansion of directors’ possible exposure.
Legislative Assent to Financial Advice Reform Package
The Commonwealth has recently assented to further amendments to the Corporations Act addressing perceived deficiencies in regulating financial advisers.
Receivers obtain unrestricted access to confidential ASIC transcripts
Of further relevance to directors is the success of the receivers of the Allco Finance Group in obtaining access to transcripts of ASIC examination of company officers without the usual confidentiality undertakings – with the result that “confidential” examinations may not in fact be confidential.
We hope you enjoy this edition.