ASIC insolvency statistics update

  Australian Securities and Investments Commission (“ASIC”) has released the following summary and observations after a review of statutory reports lodged by liquidators, receivers and voluntary administrators for the year ending 30 June 2016. • 10,078 external administrator reports were lodged, with NSW accounting for 38.2%. • Of those, 79% related to companies with less…

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Director penalty notices – part 2

This is the second of a series of videos prepared by Insolvency Experts Director penalty notices are notices that the Australian Taxation Office may send to directors of a company that has unpaid PAYG Withholding. The notice serves to make the directors personally liable for this debt of the company. If the company makes payments…

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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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