ASIC report on insolvency
PDF DOWNLOADOn 18 October 2010, ASIC released a report that sets out the key messages from and outcomes of its national insolvent trading program.
The report, National Insolvent Trading Program Report (REP 213), is designed to assist key stakeholders in understanding and complying with their duty under the Corporations Act to prevent insolvent trading.
ASIC states there are four key messages for directors arising from the program:
- maintain appropriate books and records;
- identify insolvency concerns and assess available options;
- seek professional advice; and
- act in a timely manner.
ASIC has previously released RG 217 Duty to prevent insolvent trading: guide for directors setting out the key principles which ASIC considers directors should follow to meet their obligation to prevent insolvent trading.
ASIC advises that its forward plan for insolvency practitioners and liquidators will focus on regulating conduct and industry practices, with a particular focus on independence and remuneration.
A copy of ASIC’s report can be found by clicking here.
Key Contacts
Melbourne
Michael Linehan
Partner
T: +61 (0)3 9321 9807
E:
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Sydney
David Walker
Partner
T: +61 (0)2 8083 0446
E:
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Brisbane
Philip Vickery
Partner
T: +61 (0)7 3135 0632
E:
This e-mail address is being protected from spambots. You need JavaScript enabled to view it