ASIC has prosecuted 100 individuals for failing to assist liquidators with insolvency proceedings, reaping over $430,000 in fines during the first half of the year.
The 100 prosecuted individuals were guilty of 194 offences under the Corporations Act 2001 by not providing liquidators with access to company books and failing to submit a report on company activities and property (ROCAP) after a company had been placed in external administration, the watchdog said.
ASIC deputy chair Sarah Court said the high number of prosecutions reflected a recent rise in insolvency numbers.
After a period of low corporate insolvencies in recent years, insolvency numbers have continued to rise over the last six months,” she said.
Ms Court said the ind…
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