ASIC takes hard line on company directors

ASIC has banned 22 directors from managing companies for 82 years over the past nine months, further demonstrating its commitment to promoting consumer confidence in Australian corporations. ASIC deputy executive director of consumer protection, Ms Delia Rickard, said the disqualifications follow complaints from the general public and business community and illustrate the regulator’s power to remove individuals who are directors of two or more failed companies from the industry. ‘These results clearly show that ASIC is committed to weeding out those who have failed to uphold their duties and obligations as company officers,’ Ms Rickard said. ‘ASIC will take action against company officers who hamper the role of a liquidator in assessing how much the failed company might be able to return to creditors. Where company officers are uncooperative and refuse to provide information on the company’s finances and history, ASIC will step in and take whatever action is necessary,’ Ms Rickard said.

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