C'mon ASIC...do your f###ing job
ASIC is a toothless tiger, very little will be done about this unless there is a public outcry, and political pressure is applied. The law is quite tuff on things like trading whilst insolvent (which it sounds like the schools were), yet ASIC and the ATO do little to PUSH for a conviction of any kind.
The last company I worked for went under earlier this year (4 months after I walked away
) with so much impropriety and dodgy transactions, creditors all pushed for ASIC and the ATO to investigate, evidence was presented, and yet nothing came of it, because it was too small for them, the ATO was owed $500k +++ and their response basically suggested they had bigger fish to fry.
They ignored the fact that there was a total debt of almost $2m.
Now the director is trading under a different name, even though he bankrupt!! Once again, no one seems to care, not even the administrator...
This BS will keep going on until the authorities get tough and enforce the law, and unfortunately, people will continue to get burnt.
I really feel sorry for those students, unpaid workers, and the unpaid creditors. It can really significantly change a persons life.