In the period 1 October to 31 December 2009, ASIC successfully prosecuted 89 company officers in relation to 148 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 $100,343.

Combining the current statistics with the previous quarter’s, results in a total of 184 prosecutions and 326 contraventions for a combined total of $246,989 in fines and costs.

Most 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 89 directors recently prosecuted, 71 were from New South Wales, 11 were from Queensland, six were from Victoria and one was from South Australia.

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

Background

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 attachment to 10-15AD Summary prosecutions of company officers - October to December 2009 (PDF)  [Attachment removed in  accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]