ASIC’s prosecutions relate to 201 contraventions of the Corporations Act. Specifically, the failure of company officers to assist liquidators and administrators in the administration of their failed companies and officers.
ASIC’s action also concerns companies who have failed to update ASIC registers with the addresses of their companies and company officers in an attempt to hide from creditors.
‘The failure of directors to comply with their requirements when their companies are placed into external administration impedes the ability of liquidators and administrators to perform their functions and determine whether any return is available to creditors’, ASIC’s Acting Executive Director of Consumer Protection, Ms Delia Rickard said.
‘Company directors and secretaries failing to update ASIC’s register with the company’s address details significantly impacts on creditors and those occupying the incorrectly recorded addresses’, Ms Rickard said.
‘As a first step, ASIC will generally try to obtain compliance in regards to officers who have not met their basic, legal obligations relating to the running of a company. However, if compliance is not achieved, prosecution action will be undertaken’, Ms Rickard said.
A full list of the prosecuted people and companies is attached*. These matters were prosecuted summarily before Local and Magistrates Courts across Australia and are not intended as an exhaustive list of all ASIC actions in this quarter.
Information relating to all of ASIC’s enforcement activities are contained in individual media releases which can be found on ASIC’s website.
Complaints can be lodged with ASIC via our website or by writing to any of our capital city offices across Australia:
Manager
National Assessment & Action
ASIC
GPO Box 9827
IN YOUR CAPITAL CITY
*The attachment to this release has been removed in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.