Useful Information
ASIC Enforcement Action
The Australian Securities and Investments Commission (ASIC) is very active in prosecuting and banning directors who contravene the Corporations Act in relation to insolvent companies.
The types of behaviour the ASIC is particularly active in reviewing include;
Directors must note that not only are ASIC very active in prosecuting contraventions of the Corporations Act but they have recently established the Assetless Administration Fund - a fund designed to finance liquidators preliminary investigations and reports into the failure of companies with few or no assets.
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