ASIC prosecutes over 200 company officers arising from public complaints

ASIC announced on 13 February 2009 the successful prosecution of 206 company officers in the first half of the 2008–2009 financial year.

These prosecutions were the result of 463 contraventions of the Corporations Act and lead to fines and costs totalling $411,430. The prosecutions followed complaints received by the general public and business community.

ASIC took action over the failure of company officers to assist liquidators and administrators in the administration of their failed companies and also took action in relation to directors who failed to update ASIC registers with the addresses of their companies and company officers, often in an attempt avoid creditors.

Matters were prosecuted summarily before Local and Magistrates Courts across Australia. The 206 are not an exhaustive list of all ASIC actions in this period.

Complaints can be lodged with ASIC via our website or by writing to any of our capital city offices across Australia:

Misconduct & Breach Reporting
ASIC
GPO Box 9827
IN YOUR CAPITAL CITY