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- Corporate Recovery
- Business Advisory
- Thinking Ahead Issue 4
Our People in Corporate Recovery and Insolvency
IMPORTANT CHANGES TO INSOLVENCY REGULATION
Recent legislative changes have been approved and passed by both houses of parliament that will change the way Insolvency Practitioners publish insolvency related notices.
Darrin Paine, Corporate Recovery
Summary of Changes
- Changes to insolvency publications;
- ASIC ordered winding up
These changes will apply from 1 July 2012.
These changes also allow for ASIC to compulsorily order the winding up of companies in certain circumstances
Changes to Publications
As from 1 July 2012, Insolvency Practitioners will be required to lodge all notices on an ASIC website. Previously, such notices were advertised in either the public notices section of newspapers circulating in the area the company formerly operated or were required to be advertised in the Government Gazette.
All credit controllers should be aware that the following notices will now appear on the ASIC central dashboard:
- Notices of winding up applications;
- Notices of insolvency appointments
- Notices of creditors meetings
- Notices of intention to disclaim property
- Notices calling for proof of debts
- Notices of intention to declare dividends
- Company deregistration’s.
The advertisements will appear on http://insolvencynotices.asic.gov.au. Searches can be made by company name, trading name, appointment types (eg voluntary administrations), notice purpose or publication dates.
At the present time notices of appointment relating to court appointed liquidations will continue to be published in the print media. However we understand the government will ask the courts to consider amending the Federal and Supreme Court Rules in the future
It is highly recommended to periodically check the noticeboard to avoid missing out deadlines or potential monies owed to you or your clients.
ASIC Ordered Winding Up
|The recent legislation allows ASIC, in certain circumstances, to compulsorily order the winding up of a company. The changes were originally proposed to allow companies that had been ‘phoenixed’ to be dealt with in an orderly manner.|
ASIC will now be able to order the winding up of companies in circumstances where:
- ASIC has reason to believe the company is not carrying on a business *
- A response to a return of particulars given to the company is at least 6 months late, the company has not lodged any other documents in the last 18 months and it believes the company is not carrying on business **
- ASIC may order the winding up of a company if the company’s review fee in respect of a review date has not been paid in full at least 12 months after the due date for payment; or
- ASIC has reason to believe that making the order is in the public interest.
* ASIC will give the company 20 business days notice of its proposal to make the order and no objection is made ** ASIC will make the order in the public’s interest.
More information is available at the ASIC website CLICK HERE
Alternatively, please contact the team at Bentleys Corporate Recovery for expert advice and assistance.
02 8078 2100
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