Presenter Doug Contable on Financial Services Insolvency Industry

By March 26, 2019Doug Constable

What happened with the financial services that was all about how people have been affected by the decisions and the policies of the staff and people every day are affected by the staff and the influences of the insolvency industry and it is in a stressful situation whereas many of the practices that were involved with the banking things were poor procedures whereas in the insolvency industry because there’s this basic flaw in it that the trustees and the liquidators who owned the business were involved in the business also affects the money that they get in their hip hip pocket they make the decisions based on that and this floor is the one that’s not addressed anywhere and so what happens when someone is in financial stress either going bankrupt or their business is closed down.

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You’ve got this person who’s got this self-interest determining how much stress will be applied to the individual and what will happen with their assets and the extension to that is that a trustee or a liquidator has got a lot of experience in the industry and they know the types of things that they can do whereas an individual is either going through for the first or the second time or maybe the third time but they are learning as they go and so what the trustee does.

You say we’re going to take those assets now it’s up to the individual to turn and say no hang on those assets are owned by my wife or those assets of this or how to protect them now the trustee is taken that stance the person has got to defend it now they’re thinking that hey I’m going to lose my house or I’m going to lose my asset and that’s the whole premise but in any negotiation there are two parts to it is what P says and what chooses you.