ITSA has released its Insolvency Compliance Strategy 2012-2013 which confirms that, between July 2012 and June 2013, ITSA will concentrate the resources in its compliance program on specified technical areas by:

  1. extending its review in the 2012-2013 year to outlays and expenses taken by practitioners to ensure the outlays taken are reasonable and do not confer an extra benefit to the practitioner;
  2. attempting to ensure the practitioners are identifying offences in the course of their investigative estate work and referring them for review and prosecution if necessary;
  3. attempting to ensure the principals within IGPD 22 are adhered to by insolvency practitioners; and
  4. engaging with financial counsellors, creditors, debtors, CDPP, IPA, DAPA, ASIC and other professional associations and government agencies to ensure necessary intelligence is available in the current hybrid regulatory environment.

A full text of the compliance strategy is available on the ITSA website.