Originally Posted by
BagoRatz
The executive chairman, then non executive director is able to buy property of the organisation that they took in part in getting into administration in the first place? Certainly doesn't pass the pub test.
It seems strange but it is not the responsibility of the administrator to oversee this. Their responsibility is to maximise return to borrowers affected by the administration. The administrator would only be in trouble if they were not selling to a buyer making the highest bid. As for ASIC, they will review the behaviour of the chairman whilst he was leading REX but that would not necessarily mean they could bar him from purchasing assets as disposed by the administrator providing the transaction is on an arms-length basis.