ASIC and the courts are likely still poring over the details of Maxwell Transport’s collapse
Several months after a deed of company rescue was approved, the remains of Maxwell Transport are still the subject of inquiry.
The administrator’s report into the collapse includes advice that Maxwell Transport may have been technically insolvent from as early as the beginning of the 2014 financial year, some 21 months before it entered into administration.
Administrator Gess Rambaldi is understood to have advised the Australian Securities and Investments Commission (ASIC) accordingly, but it will be up to the regulator to conduct its own investigation if it sees fit.
“If breaches are reported, ASIC will assess the reports to consider its own investigation and action, if any,” an ASIC spokesperson advises ATN.
While ASIC won’t discuss the specifics of any one case, the spokesperson says the fact that creditors have agreed to a deed of company arrangement has no bearing on whether the regulator investigates claims made.
In addition to potential ASIC investigation, it is understood former there is continuing legal action between former director Bill Maxwell and Peter Ferrari, who helmed the company at the time of administration.