E-Petition

The Petition of residents of the State of Queensland draws to the attention of the House of the need to introduce a claim fund to support victims of crime where a bankruptee can go online to ASIC and create a new entity to appear to the public as a legitimate business, they can easily obtain PL & PI insurance for the entity then invoice and take money from people to defraud them.

Currently ASIC have no process that checks the online applications until at least 12 months after when damage is done. A victim's path to recover is:

1. Apply to QCAT, making a claim on the entity to gain access to the insurance by court order;
2. QCAT are unable to process cases timely, creating further emotional trauma for the aggrieved;
3. When a hearing on papers is achieved and directions can be given, ASIC identify the bankruptee and close the entity;
4. Point 3 prevents the court issuing orders as the entity is closed; 
5. The ability as an applicant to reinstate the entity is unavailable as it was held by a bankruptee;
6. ASIC have no accountability for issuing the initial entity to the bankruptee and essentially the victim is left financially exposed. 

Your petitioners, therefore, request the House to implement a requirement for ASIC to create a claim fund to allow for compensation to victims of what can be named "Bankruptee Fraud".