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Monday 25 February 2013

13-034MR ASIC accepts undertaking from Sydney liquidator

ASIC has accepted an enforceable undertaking (EU) from Sydney liquidator, Mr Ian Lawrence Struthers, who has agreed to the cancellation of his registration as a liquidator for a minimum of three years.

Mr Struthers currently practises in Sydney under the name I L Struthers & Associates.

As part of ASIC's Liquidator Compliance Program, ASIC reviewed 45 external administrations Mr Struthers was appointed to. Following this, ASIC formed the view Mr Struthers failed to properly carry out his duties as a registered liquidator.

Mr Struthers acknowledged that ASIC's views were reasonably held.

ASIC Senior Executive Leader- Insolvency Practitioners, Adrian Brown, said the proactive program of compliance visits for registered liquidators will continue and ASIC will take appropriate steps against those who do not meet their obligations.

'Insolvency practitioners who experience difficulties in managing their workload and cannot meet and maintain professional standards should seek assistance from the Insolvency Practitioners Association, their professional accounting body or from ASIC.’.

‘This case shows ASIC will work with practitioners to resolve issues, however, those who do not seek assistance and fail to meet their obligations as a gatekeeper will be identified and could face legal action,’ Mr Brown said.

View the enforceable undertaking

Last updated: 25/02/2013 12:00