media release

09-228AD Summary prosecutions of company officers - July-Sep 2009

Published

In the period 1 July to 30 September 2009, ASIC successfully prosecuted 95 company officers in relation to 178 contraventions of the Corporations Act.

ASIC took these actions following complaints from the general public and business community, including external administrators and liquidators who are obliged to report certain offences to ASIC. These prosecutions resulted in fines and costs of approximately $146,646.

A small number of the offences related to managing a company while disqualified and lodging false and misleading documents with ASIC.

Of the 95 company officers prosecuted, two were sentenced to imprisonment for a minimum of five months (each) after being found guilty of managing a corporation whilst disqualified.

Most of the prosecutions followed offences relating to company officers failing to comply with their obligations to assist liquidators and administrators or provide them with access to a company's books. ASIC also took action against directors who failed to update ASIC public information registers with the address of their companies and company officers, often in an attempt to avoid creditors.

Of the 95 directors prosecuted, 68 were from New South Wales, 15 were from Queensland, eight were from Victoria, three were from South Australia, and one from each of Western Australia and Tasmania.

A full list of the company officers prosecuted, including the offences, the result and the officers' location, follows.

Background

These matters were prosecuted summarily before the Local and Magistrates' Courts across Australia and only include prosecutions for specific breaches of the Act (listed in the attachment to this advisory), not all of the deterrence actions undertaken by ASIC in this period. Some of the offences were prosecuted by the Commonwealth Director of Public Prosecutions.

Information about ASIC's deterrence activities are contained in individual media releases, available from ASIC's website at www.asic.gov.au.

Complaints regarding suspected breaches of the Corporations Act can be lodged with ASIC via our website or by writing to any our capital city offices across Australia:

Misconduct & Breach Reporting
ASIC
GPO Box 9827
IN YOUR CAPITAL CITY


Download Summary prosecutions - July-Sep 2009 (PDF) - This file has been removed in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.

Editor's note:

This advisory was amended on Wednesday 10 February to correct an outcome that was inaccurately recorded.

 

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