Insolvency practitioners have been urged to steer clear of dual appointments, contentious referral relationships and other conflicts of interest as the regulator issues a new report shining a spotlight on independence threats.
The Australian Financial Security Authority (AFSA) on Wednesday released a new report, Practitioner independence in the personal insolvency system, to clarify what practitioner independence means in practice and to address the misconceptions surrounding it.
The report outlines the regulators expectations, explains common conflicts of interest, and provides examples of situations where practitioners have lost their registration by failing to act with independence.
Using examples from case law and industry guidance…
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