Not only the disclosure rules prior to difficulties becoming...

Not only the disclosure rules prior to difficulties becoming known, but the entire laws and regulations around insolvency are totally inadequate too. In the more-than-one-year since KPMG has been the Administrator (along with KordaMentha and Dermott McVeigh, billing millions of dollars for their services) they have issued a grand total of two communications to shareholders.




No statutory requirement or even basic moral duty to formally update shareholders in the publicly listed company on their activities or actions, instead leaving us to go on regular fishing expeditions to obtain facts and background info about what has gone wrong and what directors and management were up to. ASX is equally pathetic in this regard.

Yet - to seemingly absolve themselves of any guilt or sense of duty - KPMG simply adds contact details for Lifeline and Beyond Blue to the footnotes in their information portal (primarily for Creditors, no less).

Government needs to shake all of this up. Including the ridiculous requirement for taxpaying citizens to pay fees to third party information brokers to access company returns and records, and even the names of all directors (for which the company already paid a fee to Govt to file via the companies office). Govt and it’s agencies make it as difficult, costly and non-transparent as they possibly can.