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 of ASIC has pointed out that ASIC failed to fulfil its annual reporting responsibilities sections 136(1)(ca) and 136(1)(cb) of the ASIC Act. These sections require ASIC to explain what activities it has undertaken in relation […]

Extension of the COVID-19 insolvency protections – what’s the real problem?

The Australian government has extended the monetary threshold of A$20,000 for the commencement by creditors of bankruptcy and liquidation proceedings and the 6 month periods for compliance, to 31 December 2020.  It has also extended the special COVID-19 ‘safe harbour’ protection for the same period. This has prompted an outcry of objections to the extensions. […]