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Professor Symes Makes a Submission to the Senate on Retailer Insolvency

The Senate is enquiring into the effect on consumers of retail businesses who become insolvent. Symes states that consumers as unsecured creditors do need attention at the present time suggesting there are three major elements to the effect on consumers by a retailer’s insolvency. These are prepayments (deposits), gift cards and loyalty schemes.
In his submission Symes recommended a comprehensive inquiry to be conducted by the ALRC on all consumer and insolvency issues, ASIC initiated empirical research to establish the extent of the problem and amendment to the existing Corporations Act statutory priorities provision to take account of consumer issues.

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