On 8 October 2007 ASIC issued a media release identifying 140 individuals who in their role as Company Officers had breached the Corporations Law.
A total of the fines imposed over the individuals concerned exceeded $335,000.00.
The prosecutions that ASIC undertook followed from complaints received from the general public and the business community against the relevant Company Directors.
The prosecutions related to the failure of Company Officers to update ASIC registers with company and Company Officer details and also in failing to assist Liquidators and Administrators where Companies had failed.
ASIC is taking a more proactive stance in enforcing the obligations that Company Officers have under the Corporations Act.
Individuals who act as Company Directors are bound to comply with the provisions of the Corporations Act and are also personally liable under State Legislation in a wide range of circumstances where they breach their obligations.
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