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148 breaches of Corporations Act in three months

  • by The Quotesonline Team

ASIC (The Australian Securities & Investments Commission) has released its latest list of summary prosecutions of company officers. In the period 1 October to 31 December 2009, ASIC successfully prosecuted 89 company officers in relation to 148 contraventions of the Corporations Act.

 A full list of the company officers recently prosecuted has been published on the ASIC website. Of the 89 directors listed, 71 were from New South Wales, 11 were from Queensland, six were from Victoria and one was from South Australia.

These prosecutions resulted in fines and costs of approximately $100,343. Combining the current statistics with the previous quarter’s, results in a total of 184 prosecutions and 326 contraventions for a combined total of $246,989 in fines and costs.

ASIC took these actions after receiving complaints from the public and business community, including external administrators and liquidators who are obliged to report certain offences to ASIC.

Most prosecutions related to company officers failing to comply with their obligations to assist liquidators and administrators or provide them with access to a company’s books. ASIC also took action against directors who failed to update ASIC public information registers with the address of their companies and company officers, often in an attempt to avoid creditors.

If you suspect anyone of breaching the Corporations Act, you can lodge your complaint by writing to ASIC.  

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