ASIC FRAMEWORK Name of the Student Name of the University Author Note

Running head: ASIC FRAMEWORK
ASIC FRAMEWORK
Name of the Student
Name of the University
Author note

1
ASIC framework
Table of Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................2
Conclusion..................................................................................................................................7

2
ASIC framework
Introduction
Disciplinary committee cancels liquidator David leigh’s registration
The registration of a liquidator named john leigh has been cancelled by a disciplinary
committee on the ground that Mr. leigh had acted immorally in arranging the transfers of
$800000 from a liquidation bank account into a bank account that has been controlled by him
and that he was not considered to be a correct person to be registered as a liquidator. The
Australian insolvency law is mainly governed by the corporation act 2001 as per that law the
liquidator must be a member of the institute of chartered accountants of Australia or CPA
Australia and should possess a certificate of liquidator.
The committee was held on January 2 2019 after Mr. leigh, the former liquidator of
Neolido holdings did not give answer to the show cause sent to him by ASIC on 13
November 2018 in which the committee asked Mr. leigh to give a written explanation why
his liquidator registration should continue.
Discussion
Legal rules that are applicable in this case
The ASIC has imposed a civil case against Mr. leigh for fraud case and impose the
clause of section 408C(1)(D) of the criminal code 1899 following him entering a plea of
guilty to these offences. The insolvency law of Australia is also applicable for this case. The
insolvency law provides certain provisions that disqualify a liquidator from carrying the