Nick Xenophon (SA, Independent) Share this | Hansard source

We care, Mr Acting Deputy President—that is why! I move:

That the following matter be referred to the Economics References Committee for inquiry and report by 12 May 2016:

The causes and consequences of the collapse of listed retailers in Australia, with particular reference to:

(a) the conduct of private equity firms prior to, during and after corporate takeovers;

(b) the role of the Australian Securities and Investments Commission and the Australian Competition and Consumer Commission in overseeing corporate takeovers;

(c) the effect of the appointment of external administrators on secured and unsecured creditors, including employees and consumers of retail businesses;

(d) the effect of external administration on gift card holders and those who have made deposits on goods not delivered;

(e) the desirability of the following proposals in the event that gift card holders are unable to redeem their gift cards following the appointment of external administrators:

(i) placing an obligation on external administrators to honour gift cards,

(ii) a requirement that funds used to purchase gift cards be kept in a separate trust account by businesses,

(iii) directors to be personally liable for the value of gift cards purchased; and

(f) any related matters.

This relates to the issue of retail collapses in Australia.

Question agreed to.