Summary prosecutions of company officers– April to June 2010

ASIC has successfully prosecuted 158 company officers between 1 April and 30 June 2010.

These prosecutions relate to 295 contraventions of the Corporations Act 2001 (the Act) and follow complaints from the public and insolvency practitioners who have an obligation to report certain offences to ASIC. The company officers incurred fines and costs totaling approximately $356,211.

Most of the prosecutions relate to company officers failing to comply with their statutory obligations to provide assistance to liquidators and administrators, or failing to provide access to a company’s books, and have been prosecuted as part of ASIC’s Liquidator Assistance Program. ASIC also referred briefs of evidence to the Commonwealth Director of Public Prosecutions (CDPP) who successfully prosecuted a director for managing while disqualified and a company for failing to hold an Annual General Meeting and lodge its annual report.

Of the 158 directors prosecuted,