ASIC Notices
- ASIC's guidance on a director’s duty to prevent insolvent trading
29.7.10: ASIC has today released regulatory guidance that it says will assist directors to understand and comply with their duty under s 588G of the Corporations Act to prevent insolvent trading. ASIC says that s 588G requires a director of a company to prevent the company from incurring a debt if the company is insolvent, or if the... Read More »
- ASIC Compliance Initiative
ASIC Compliance Work - Review of s439A Reports - 8 May 2007 ASIC's Compliance Directorate works with the insolvency profession to ensure that practitioners are aware of, and comply with, their legal obligations. As part of ASIC's compliance approach and working with the profession, ASIC is undertaking a review of all section 439A... Read More »
- Financial and Accounting Services Panel
ATM ID ISP2007/29373 Close Date & Time 14-May-2008 4:00 pm (ACT Local time) Agency Australian Securities and Investments Commission Category Financial and Insurance Services Description ASIC... Read More »
- Liquidators' reports leading to ASIC disqualification of directors
ASIC has announced that in October 2009, it disqualified five directors from managing corporations following their involvement in failed companies. Four of these disqualifications were assisted by reports and further investigations from liquidators who had received funding through ASIC’s Assetless Administration Fund. The grounds of disqualification included: failure to maintain adequate financial records; engaging in... Read More »
- ASIC Regulatory Guide 16: External administrators: Reporting and lodging (RG 16) (formerly Practice Note 50)
On 1 July 2008, ASIC released a revised version of Regulatory Guide 16: External administrators: Reporting and lodging (RG 16) (formerly Practice Note 50). Click here to download the ASIC Regulatory Guide 16. This includes important revisions to: the Schedule B report (Form EX01)... Read More »
- ASIC Review of s 439A Reports Released
ASIC has released its review of Section 439A Reports - click here for the IPA Press Release - 13 June 2008 Read More »
- ASIC releases consultation paper on insolvent trading - IPA member comment sought
ASIC has released a consultation paper outlining proposed guidance to directors on what ASIC says is "their duty to prevent insolvent trading". ASIC says that the Corporations Act imposes a positive duty on directors to prevent insolvent trading and that it wants "to ensure that directors, particularly those in small-to-medium enterprises in financial difficulty, fully understand this... Read More »