News

ASIC prosecution total $397k in 3 months

10 January 2007

ASIC announced today the successful prosecution of 162 company officers over the last three months. As a result, fines and costs totalling more than $397,000 were imposed.

The prosecutions, concerning 310 contraventions of the Corporations Act, follow complaints received from the general public and business community. ASIC took this action over the failure of company officers to assist liquidators and administrators in the administration of their failed companies and officers. ASIC also took action in relation to companies that failed to update ASIC registers with the addresses of their companies and company officers, in an attempt to hide from creditors.

Read the full article at:
http://www.asic.gov.au/asic/asic_pub.nsf/byheadline/07-08+ASIC+prosecutes+162+company+
officers+in+response+to+public+complaints?openDocument