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The Forum > Article Comments > Liquidating liquidators? > Comments

Liquidating liquidators? : Comments

By Ken Parish, published 11/1/2007

Should corporate insolvency administration be nationalised? Best Blogs 2006.

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This blog might provide other useful insights! http://slanderyou2.blogspot.com/
Posted by Slanderyou, Thursday, 11 January 2007 2:14:13 PM
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They are parasites! I am amazed your post has had so little response. I have been there and done that. the fees in the end finished the scheme of arrangement.
The liquidator I see has just rolled on from success to success.
fluff4
Posted by fluff4, Tuesday, 16 January 2007 9:17:37 AM
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I also am amazed that there have only been two comments. I wholeheartedly agree with you view that "there is strong case ...for liquidations to be handled by a specially created division of ASIC rather than by private sector accountants...Id be pretty certain that the cost of insolvency administration would drop dramatically with little or no reduction in the effectiveness of recovery for creditors." I have experienced first-hand two liquidations in the last 25 years. In both cases assets were such that creditors could have received reasonable returns but these were sucked out by unrestrainted fee applications by the IP. I could write a volume on this issue but the forum word limit prevents me.
Posted by Shadrach, Tuesday, 27 February 2007 8:06:42 PM
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I have long since recovered from the shame provoked by a liquidator. He was a golfer as was I. He warned me that the fees for an administration would cost, he would be the only winner in the end.
Perhaps if this article had been on bankruptcy there would have been loads of response, it is an experience one gets over quickly and its admin is loose, unlike my experience while in admin.the pre bit of liquidation.
Maybe if it were to be included in our future bill of rights? for thats how the injustice of it appears to me.
We are not getting comment you'll notice from the recipients of the largess.

we live in hope. fluff
Posted by fluff4, Wednesday, 28 February 2007 10:18:19 AM
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