Changes to insolvency notices publication requirements
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 2012.
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 dividends;
- Meetings for schemes of arrangement (the option of publishing in the print media instead will remain for this); and
- Company deregistrations.
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.
If you would like further information about the changes or any further developments which occur in relation to the changes, please contact us.