United Australia Party Calls For Extension of Royal Commission to Include Liquidators and Administrators
Canberra: The Federal Leader of the United Australia Party, Mr Clive Palmer, has called for the immunity provisions of liquidators and administrators in court to be removed.
Mr Palmer states that the law currently says they are officers of the court and are therefore protected by the courts.
“Under the Corporations Act and other laws, liquidators and administrators are immune from actions giving them a privileged positions in the court. In short they can’t be sued as they are protected by the courts. Liquidators and receivers aren’t lawyers and shouldn’t be protected for unconscionable conduct,” Mr Palmer said.
Mr Palmer is calling on politicians to extend the Royal Commission into Misconduct in Banking, Superannuation and Financial Services Industry to include the conduct of liquidators and administrators. This would highlight many unconscionable acts that have destroyed families and businesses.
“These people need to be brought to account when they apply unconscionable conduct and side-step their obligation to provide impartial expert advice.
“Politicians need to wake up and extend the Royal Commission into Misconduct in Banking and Financial Services to include liquidators and administrators.
“The United Australia Party will stand in every lower house and upper house federal seat at the next federal election. Under our Senate Leader, Senator Brian Burston, we will bring about changes to make liquidators and administrators accountable for all their self-centred actions which haven’t been in the best interests of the creditors they are supposed to represent and serve,” Mr Palmer said.
“Politicians need to wake up and stop ignoring these acts of misconduct by liquidators and administrators,” said Mr Palmer.