ITSA's discretion/ Shonky Administrators and trustees/ Adam Toma/ Veronique Ingram/ Matthew Osborne/ Cheryl Cullen/ Mark Findlay
So ITSA banned an unregistered debt administrator????? Sound like more propaganda shit to me that would come out of the mouth of Adam Toma!!!
ITSA clearly advises that trustees and administrators and ITSA senior Management has the discretion to fuck everyone over!!!
Clearly this this shonky administrator was only following the advice of Matthew Osborne!!!
Media release – Reid (QLD) – unregistered administrator banned from administering debt agreements
An unregistered Gold Coast debt agreement administrator has been
officially banned from administering debt agreements for a period of
three years.
Mr Gavin Reid operated an office in Robina on the Gold Coast,
Queensland, and following an investigation by Insolvency and Trustee
Service Australia (ITSA), it was determined on 15 March 2013, that Mr
Reid was ineligible to administer debt agreements for a set period.
The decision follows an investigation by ITSA’s Regulation and Enforcement Area into the files administered by Mr Reid.
ITSA’s Chief Executive and Inspector-General, Veronique Ingram, said that after considering the evidence and speaking with Mr Reid, it was decided that Mr Reid had not carried out the required duties of an administrator appropriately, and consequently, a determination was made that he was no longer eligible to administer debt agreements.
“We have a strong regulatory system in Australia and it’s important that Australian business people and consumers are confident in a system that is transparent, fair and strong,” Ms Ingram said.
Mr Reid’s breaches included not dealing with property of a debtor according to the terms of the agreement, not reporting to creditors as required, failure to keep proper records in relation to the funds being held for debtors.
As a result, subject to section 185ZB(4) of the Bankruptcy Act 1966, the debt agreements previously administered by Mr Reid will now be administered by the Official Trustee in Bankruptcy.
The debtors and creditors of each debt agreement previously administered by Mr Reid have been contacted by ITSA and notified of the changes.
The decision follows an investigation by ITSA’s Regulation and Enforcement Area into the files administered by Mr Reid.
ITSA’s Chief Executive and Inspector-General, Veronique Ingram, said that after considering the evidence and speaking with Mr Reid, it was decided that Mr Reid had not carried out the required duties of an administrator appropriately, and consequently, a determination was made that he was no longer eligible to administer debt agreements.
“We have a strong regulatory system in Australia and it’s important that Australian business people and consumers are confident in a system that is transparent, fair and strong,” Ms Ingram said.
Mr Reid’s breaches included not dealing with property of a debtor according to the terms of the agreement, not reporting to creditors as required, failure to keep proper records in relation to the funds being held for debtors.
As a result, subject to section 185ZB(4) of the Bankruptcy Act 1966, the debt agreements previously administered by Mr Reid will now be administered by the Official Trustee in Bankruptcy.
The debtors and creditors of each debt agreement previously administered by Mr Reid have been contacted by ITSA and notified of the changes.
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