ASIC commences civil penalty proceedings

ASIC has commenced civil penalty proceedings in the Federal Court of Australia against Mr Lindsay Gordon Kobelt, the owner and operator of Nobby’s General Mintabie Store (Nobby’s). The proceedings relate to Mr Kobelt’s conduct as a provider of ‘book up’. Book up is a type of credit that allows a customer to buy goods now and pay for them later and is commonly used in Indigenous communities. See: http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2014-releases/14-119mr-asic-seeks-orders-against-book-up-provider-for-unconscionable-conduct-and-credit-act-breaches/

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Michael Duncan