ASIC has met its commitment in launching a website that publishes notices on insolvency and other matters.
The stand-alone website provides a single point for searching almost all notices on external administration and company deregistration, formerly advertised in the print media.
ASIC chairman Greg Medcraft said it was pleasing for ASIC to deliver on another government initiative on time.
‘It was a significant task for ASIC to have a website like this up and running within such a short time frame,’ Mr Medcraft said.
‘This is a positive initiative for people affected by insolvency. It contributes to a fairer and more efficient market by reducing cost and providing opportunities for affected stakeholders to access important notices relating to insolvent companies from a single, easy-to-search source rather than trawling through individual newspaper advertisements in each state.’
In December 2011, the Government announced that ASIC would establish and host the website as the first initiative in its larger insolvency reform agenda.
On May 9, 2012, the Government enacted the Corporations Amendment (Phoenixing and Other Measures) Act 2012 with amending Corporations Regulations signed off on 14 June 2012.
ASIC continues to work with Government on the remaining insolvency law reform agenda which includes improving creditor access to information and, entry standards, registration, deregistration and discipline of registered liquidators.
Importantly, Government proposals seek to align personal and corporate insolvency regulation and equip ASIC to collect and report better statistics regarding company failure.