In Australia the Australian Securities and Investment Commission (ASIC) are responsible for Company matters. They are Australia’s corporate, markets and financial services regulator.
ASIC contribute to Australia’s economic reputation and wellbeing by ensuring that Australia’s financial markets are fair and transparent, supported by confident and informed investors and consumers.
They are an independent Commonwealth Government body. They are set up under and administer the Australian Securities and Investments Commission Act 2001 (ASIC Act), and they carry out most of their work under the Corporations Act 2001 (Corporations Act).
The ASIC Act requires them to:
– maintain, facilitate and improve the performance of the financial system and entities in it.
– promote confident and informed participation by investors and consumers in the market place.
– administer the law effectively and with minimal procedural requirements
– enforce and give effect to the law
– receive, process and store, efficiently and quickly, information that is given to them
– make information about companies and other bodies available to the public as soon as practicable.
Directorship and Insolvency, what are the facts?:
There is a lot to consider when considering placing your company into any form of external management (Liquidation or Administration). You need to understand what each of your options mean and understand both your responsibilities as a director but equally as important you need to understand your liability as a director.
ASIC oversee all company matters in Australia and although a Liquidator administers your companies Liquidation or Administration, it is ultimately ASIC that you will account to. It is imperative that you are both prepared and aware of what ASIC require and what the process of Liquidation or Administration entail.
To know more about your responsibilities as a director click on and print out the following ASIC information guide.