ASIC prosecutes 86 company officers in response to public complaints

The Australian Securities and Investments Commission (ASIC) announced today that it had successfully prosecuted 86 company officers for 149 contraventions of the law over the last three months. As a result, fines and costs totaling more than $181,613 were imposed. These prosecutions follow complaints received from the general public and business community and relate to a range of Corporations Act contraventions. ASIC has taken action on the failure of company officers to assist liquidators and administrators in the administration of their failed companies, officers and their companies failing to update ASIC registers with the addresses of their companies and company officers in an attempt to hide from creditors, and officers lodging documents with ASIC that contain false or misleading information.

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