With insolvencies , liquidations and administrations on the rise and companies like timbercop and great southern in the news , Asic has come out with more support to shareholders in the current economic climate.
ASIC has launched a new online portal specifically designed to meet the needs of stakeholders likely to be impacted by corporate insolvency.
The information is part of ASIC’s response to the increasing number of companies experiencing financial difficulty, or becoming insolvent, in the current economic environment.
The portal, which is available at www.asic.gov.au/insolvency, provides information specific to each stakeholder group about their rights and obligations and responds to frequently asked questions. It also assists stakeholders to understand the technical jargon of insolvency and outlines the most common forms of corporate insolvency administration
Short URL’s are available for each stakeholder group, and general resources, as follows:
- Company directors
In addition to company directors, the website provides links for company creditors (for example, suppliers) and for employees to assist them in identifying possible signs of insolvency in companies with which they are involved.
For the first time, the website also includes new information for shareholders and investors who either own shares in, or have invested through, failed companies.