Tasmania’s auditor-general has confirmed he referred Spirit of Tasmania operator TT-Line to the corporate regulator after suspecting its directors were in breach of the Corporations Act.
Auditor-General Martin Thompson said he made the referral to the Australian Securities and Investments Commission (ASIC) on July 31, having formed the view earlier in the month that TT-Line was insolvent.
He appeared at a budget estimates hearing on Monday, where he confirmed he informed TT-Line of his conclusion on insolvency on July 22, but the company continued to trade.
The rollout of the two new Spirit of Tasmania ferries has been plagued with cost blowouts and timing overruns.
TT-Line denies the claim and argues that it can pay its debts when they…