Most Read Contributor in Australia, September 2016
From 1 July 2012, all insolvency notices must be registered with
the Australian Securities and Investments Commission
(ASIC) on its new online register at www.insolvencynotices.asic.gov.au.
Consequently, ASIC's online register now serves as a
comprehensive noticeboard of companies' affairs in relation to
insolvency. More importantly, it provides important information for
What Information is Included on ASIC's Online
The online register will contain the following notices:
notices of winding up applications;
notices of insolvency appointments;
notices of creditors meetings;
notices of intention to disclaim property;
notices calling for proof of debts;
notices of intention to declare dividends; and
Using the Register
Anyone can search the register, all you need is a company's
ACN, current or previous trading name or information relating to
the publication of a notice and you're ready to start
searching. To lodge an insolvency notice on the website, you will
need to become a registered user. You can sign-up at the above
website - it's free and quick!
Dealing with the Changes
Creditors and businesses should familiarise themselves with the
register and regularly monitor ASIC's website to ensure:
companies they have, or may have, dealings with are not
insolvent, or in the process of being wound up;
they remain up to date with important dates and events in the
winding up process (i.e. creditors' meetings);
they can ascertain the declared assets of the company being
wound up; and
compliance with requirements to prove debts against the company
being wound up.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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When determining if a DOCA is to be terminated, public interest can, and often will, outweigh any benefit to creditors.
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