Is insolvency administration becoming a mere commodity?

 ASIC, Corporate Insolvency, Ethics, Insolvency practices, Regulation, Standards  Comments Off on Is insolvency administration becoming a mere commodity?
Apr 082014

Liquidators have been classified by our corporate regulator as “gatekeepers” in the financial services industry, to the extent that ASIC says it  is “looking to key gatekeepers, such as directors and insolvency practitioners, to ensure that they make appropriate decisions and uphold their obligations regarding insolvent entities”.  (1)

As admirable as this concept is – and it’s been decreed as a proper one in many court judgments – I wonder how it sits with the growing marketing and commodification of insolvency administration for a “fixed price” or a “guaranteed low cost”:

Commodification 2

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NOTE (1) See for example,  ASIC Report 360, ASIC enforcement outcomes: January to June 2013  (July 2013).