ASIC prosecutes 112 company officers following public complaints

ASIC has successfully prosecuted 112 company officers for breaking company laws over the past three months. Part of a national strategy by ASIC to protect the interests of individuals, small businesses and creditors, the prosecutions resulted in fines and costs totalling more than $225,000. Ten good behaviour bonds were also imposed. These matters were prosecuted summarily before Local and Magistrates Courts across Australia and are not intended as an exhaustive list of all ASIC actions since the commencement of the financial year. Prosecutions related to a wide range of contraventions of the Corporations Act including company officers failing to assist liquidators and administrators in the administration of their failed companies, failing to update ASIC registers with accurate address details, and continuing to manage companies following the appointment of a liquidator.

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