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Annual reports 2022-2023: of ASIC – ‘a deliberate strategy of obfuscation so that the public is kept in the dark ….’? and of AFSA

ASIC’s ASIC Annual Report 2022–23 has been released amidst some recent severe criticism of the quality of its annual reports

ASIC v Jones [GD Pork] – insolvency practitioner independence and pre-insolvency advice

A court decision concerning insolvency practitioner independence and pre-insolvency advice usefully raises issues recommended for law reform review by the

ASIC v Bettles – case dismissed, with costs

ASIC has lost a major Federal Court proceeding brought against a senior and experienced liquidator, Jason Bettles, alleging that his

Updates to ASIC insolvency regulatory guides

ASIC is in the process of updating 4 of its regulatory guides on insolvency, in the next few months, and

ASIC beleaguered – updated

Updated 29 July 2023. Given the number of current and on-going inquiries into ASIC, it is as if the regulator

ASIC’s insolvency law enforcement role

The Senate Economics References Committee is loading up submissions received on its reference into ASIC’s capacity and capability to “undertake

ASIC’s report on small business corporate restructurings under Part 5.3B

I am dubious about many of the outcomes touted for insolvency “restructurings”, or at least without the negative outcomes reported

The several inquiries into ASIC

There are now several government inquiries into ASIC, directly or indirectly, perhaps indicating either the breadth of ASIC’s remit, or

ASIC’s power to wind up abandoned companies – a drop in the ocean?

ASIC has revised its guidance on the exercise of its powers to order the winding up of an abandoned company,

Any insolvency remuneration review as sought by ASIC “would be unprincipled and ultimately, wholly pointless”

From the opening paragraphs, one can foresee the outcome of this decision, about ASIC’s “unprincipled and pointless” intervention to deny

ASIC’s corporate plan, and the 27 August hearing before the PJC

With ASIC having appeared before the Parliamentary Joint Committee on Corporations and Financial Services on 27 August 2021, ASIC’s Corporate

The high cost of ASIC’s regulation of liquidators, in a deregulatory environment

The proposed annual ASIC ‘industry levies’ imposed on liquidators in Australia, to fund the cost of their regulation, prompts this

Costs against ASIC in its [“illegal phoenix activity”] claim against a liquidator

ASIC has been unsuccessful in resisting a costs order against it in its “illegal phoenix activity” proceedings against a liquidator

Some parliamentary reminders for ASIC’s 2020 annual report

The 1 September 2020 report of the Parliamentary Joint Committee on Corporations and Financial Services on the 2018–2019 annual report

Liquidator’s registration cancelled by ASIC

A company liquidator has had her registration cancelled following a decision by a statutory disciplinary committee that she had improperly

ASIC’s initial claim of illegal phoenix activity by a liquidator now the subject of a 160 page statement of claim

This post is further updated on 26 February 2021 to reflect that ASIC filed its statement of claim against Mr

MYEFO 2019-20 – ASIC, phoenixing and ‘journalists’

The government’s mid-year economic and fiscal outlook 2019-20 has these interesting items about access to ASIC’s registers, unlawful phoenixing and

Insolvency developments in the 2018-19 annual reports – ASIC, AFSA, AGD and ATO

Annual reports nowadays are more marketing publications as to various achievements of the relevant agencies and their compliance with statutory

ASIC’s deterrence message – “no point just communicating this into the Fin Review”.

ASIC gave some useful insights before the recent Senate oversight hearing[1] on 13 September as to the reality of the

ASIC’s period of external scrutiny

The Australian Securities and Investments Commission is properly subject to parliamentary oversight, apart from the on-going scrutiny it receives from

ASIC’s Corporate Plan 2019-2023 – Insolvency Practitioners

ASIC’s corporate plan 2019-2023 contains much detail about the various sectors it regulates and what regulatory approaches it is taking.

Some views on ASIC v Wily & Hurst

The views of Justice Brereton of the NSW Supreme Court have not prevailed following the decision by the High Court

ASIC’s “significant element of vexation”

ASIC has failed in an application to have an inquiry conducted into joint liquidators’ conduct – Hurst and Wily –

ASIC’s review of liquidators for 2017-2018 – continued fall in complaints

This ASIC Report 610 has been released, with some interesting points to note, and questions raised. It largely expands on