12-96MR ASIC to launch new website for insolvency and deregistration notices
Thursday 17 May 2012
ASIC will soon launch a new website publishing all insolvency and deregistration notices.
The website will provide a single point for searching the many notices relating to the external administration and deregistration of companies, currently advertised in the print media. It will replace the current requirement to publish insolvency-related notices in state or territory newspapers or in the ASIC Gazette from 1 July 2012.
‘This is a positive initiative for people affected by the insolvency of a company. It contributes to a fairer and more efficient market by reducing cost and providing opportunities for affected stakeholders to access important notices relating to insolvent companies from a single, easy-to-search source rather than trawling through individual newspaper advertisements in each state’, ASIC Deputy Chairman Belinda Gibson said.
The proposed advertising fees for the website are believed to represent a significant saving on the current cost of newspaper advertising. The Federal Government released the amending Corporations Regulations for consultation on 16 May 2012. The proposed fee for notices previously published in the Gazette will remain at $64. Other fees will be set at $400 a notice.
‘ASIC is currently working to support industry through these changes and deliver the new web service on schedule. We will provide further information in the lead up to the website going live on 1 July 2012, including the final web address and outcome of the Government’s public consultation on proposed changes to the Corporations Regulations,’ Ms Gibson said.
As well as providing for the new insolvency notices website, the amendments to the regulations empower ASIC to wind-up abandoned companies in certain circumstances to facilitate employees claiming unpaid entitlements under the General Employee Entitlements Redundancy Scheme (GEERS), administered by the Department of Employment, Education and Workplace Relations. ASIC intends consulting publicly and with relevant government agencies to determine when it will exercise the new power and how to effectively administer and prioritise requests, with a view to issuing formal regulatory guidance.
ASIC expects its initial focus will be on those abandoned companies where there is suspected fraudulent phoenixing activity by directors, resulting in employees being unable to access their entitlements through GEERS.
ASIC will publish further information about these new developments on the ASIC website or call ASIC on 1300 300 630.