It's all just hot air from ASIC. The banks will be laughing at them from behind closed doors. They have literally got away with murder here and ASIC essentially say "we'll turn a blind eye to this so long as you don't do it again".
ASIC's lack of will and understanding is evident in such statements as yesterdays's claim that creditors will get back 40%. Simple maths tells you that $235m (being $253m minus legals and liquidators costs of $16m+) into the $640m now owed at March 27 (it was $585m up till yday - someone please explain to me why that's suddenly changed) equates to LESS THAN 37c.
It's a rort, plain and simple.
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