Bankruptcy trustee Louise Thomson vindicated

Louise Thomson vindicated

Louise Thomson vindicated: first trustee to be referred to disciplinary committee under new rules. Image: Veritas Advisory.

Veritas Advisory trustee in bankruptcy Louise Thomson has been vindicated by the first disciplinary committee convened under Schedule 2, section 40-45 of the Bankruptcy Act, 1966.

In a Decision Committee Report the Committee decided that:

  • i. the Trustee should continue to be registered.
  • 11. suspension, or restriction on the Trustee’s appointments is not appropriate.
  • Iii. public admonishment or reprimand is not appropriate.
  • Iv. a condition or conditions should not be imposed on the Trustee.
  • v. under s 40-55(, )(h), the Inspector-General publish a media release, along with these reasons for decision.

“However, while the Committee does not consider that a formal condition be imposed, of the sort contemplated by s 40-50(I )(g), it notes that the Regulator has, as part of its risk based approach to inspection of trustees, the discretion to allocate resources to ensure particular elements of the Trustee’s work remain consistent with the standards laid down and align with the expectations of the Regulator.”

See the decision of the committee in full at the link at the  bottom ofDisciplinary Committee decides – Thomson to remain registered

Further reading:

Thomson First Trustee To Be Referred Under New Rules

About the Author

Peter Gosnell
Sydney Insolvency News illuminates the practice of insolvency in Australia's largest city, highlighting the triumphs and failures of Sydney's registered practitioners and the accounting and legal professionals who work with them. SiN is produced by Peter Gosnell, former business editor and senior business reporter at The Daily Telegraph newspaper. During a decade-long career, your correspondent reported on such notable corporate collapses as HIH, One.Tel, Westpoint and Fincorp as well as some of the nation's highest profile bankruptcies and the investigations and prosecutions arising from Australia's most notorious instances of white collar crime.

1 Comment on "Bankruptcy trustee Louise Thomson vindicated"

  1. The Media Release of course does not clearly indicate the approach taken by the Committee – rather it justifies an approach taken because of criticism by the Full Court and without it appears a clear separate approach on the part of the Inspector General in Bankruptcy of the true position of Ms Thomson which must have been known before the public referral of Ms Thomson to the Committee.

    The decision also clearly shows that the Committee when constituted will be independent and fair in dealing with practitioners.

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