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:
- 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;
- 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;
- attempting to ensure the principals within IGPD 22 are adhered to by insolvency practitioners; and
- 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.