Director’s duty to prevent insolvent trading

ASIC has today released regulatory guidance to assist directors to understand and comply with their duty under the Corporations Act 2001 (Corporations Act) to prevent insolvent trading. The Corporations Act requires a director of a company to prevent the company from incurring a debt if the company is insolvent, or if the company will become…

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ASIC releases financial hardship report

ASIC, in conjunction with Consumer Affairs Victoria (CAV), has released a report examining how lenders and mortgage brokers respond to borrowers experiencing financial difficulties. The report, Helping home borrowers in financial hardship (REP 152), found that while some lenders are responding well to the needs of their customers, there is generally room for improvement and…

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Financial literacy program for school kids

ASIC has launched a new financial literacy program Your Money Starter- Insurance and Super designed to assist young Australians in making decisions about insurance and superannuation. It is a resource for secondary schools in each state and territory and is currently being distributed to every high school in the country. “Young Australians who understand insurance…

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