The Australian Securities and Investments Commission (ASIC) has
announced that changes to the way most corporate insolvency notices
need to be published, will come into effect on 1 July
The changes will mean that under the Corporations Act 2001
(Cth) most insolvency notices will need to be published on a
new website run by ASIC, rather than in the print media. It should
however be noted in relation to notices of winding up applications,
that the requirement under Federal and Supreme Court Rules for
print media publication of such notices will continue to apply,
unless the court exercises its discretion to dispense with the
print media publication requirement.
The changes will be brought about by the Corporations
Amendment (Phoenixing and Other Measures) Act 2012 (Cth) (Act)
which will amend various sections of the Corporations Act 2001
(Cth). The Act was passed by Parliament on 9 May 2012 and is
currently awaiting proclamation. ASIC has indicated that it expects
the new notices website to go live on 1 July 2012.
Under the changes, notices of the following corporate insolvency
actions will need to be published on the new ASIC website:
Winding up applications;
Meetings of creditors;
Intention to disclaim property;
Calling for proofs of debt and intention to declare
Meetings for schemes of arrangement (the option of publishing
in the print media instead will remain for this); and
Information released by ASIC about the website states that
anyone will be able to easily search the site for notices relevant
to any corporate insolvency they have an interest in.
ASIC has announced that it will be possible to access the new website during
the week prior to 1 July 2012; to follow a guide to register as a
user on the site. Once a user is registered they will be able to
select the type of notice they wish to lodge, add the relevant
details, review the draft notice which will be generated by the
site and finally lodge the notice for publication on the site.
When determining if a DOCA is to be terminated, public interest can, and often will, outweigh any benefit to creditors.
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