Aggregated News From Investment Management Regulators

ASIC prosecutes 104 individuals for failing to assist liquidators

Report/Flag

Please complete the required fields.



Between 1 July to 31 December 2021, ASIC prosecuted 104 company officers and related individuals for failing to assist registered liquidators.

The prosecutions took place in local and magistrates’ courts and were carried out by ASIC and the Commonwealth Director of Public Prosecutions.

Company officers and others involved in company management have an obligation to assist registered liquidators by providing a Report on Company Activities and Property (ROCAP) as well as books and records. When company officers fail to meet their obligations, registered liquidators can request ASIC’s assistance to ensure they can properly carry out their investigations, realise assets to pay outstanding money owed to creditors and employees and report any findings of misconduct to ASIC.

ASIC Commissioner Sean Hughes said, ‘ASIC expects that company officers will always assist registered liquidators in their investigations, as they are required to under law. If they don’t comply, then ASIC will prosecute them. It is crucial that liquidators receive the assistance they need, so that they can accurately report to creditors about the circumstances and financial positions of the companies they are investigating.’

The prosecutions resulted in fines and costs totaling $282,383.00.

Background

ASIC’s Liquidator Assistance Program provides support to registered liquidators appointed across a range of administration types.

This news item was originally published by the Australian Securities and Investments Commission (ASIC AU). For more information, please see the Source Link.

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

Recent Articles

SEC Investor Advisory Committee to Discuss Investor Account Statements, Corporate Tax Transparency, and Single-Stock ETFs on Dec 8

Washington D.C., Dec. 1, 2022 — The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on December 8 at 10 a.m. ET.

Fort Worth Regional Director David L. Peavler to Leave SEC

Eric R. Werner and Marshall Gandy named acting co-heads of Fort Worth Office Washington D.C., Dec. 1, 2022 — The Securities and Exchange Commission today announced that David L.

Extension of timeline for implementation of Standardized Industry Classification by CRAs

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Get the latest from Regulatory.News in your inbox!

×