The Australian Securities Investigation Corporation ASIC is the Commonwealth watchdog of corporate Australia. They rely on The Corporations Act and the Australian Securities and Investments Act (ASIC Act) to carry out investigations and prosecutions of individuals and companies.
Since 1 July 2002 ASIC’s specialist investigation teams have significantly increased the number of their prosecutions.
ASIC typically prosecutes
people who are alleged to have continued to act as an officer of a company after a liquidator is appointed;
company officers who allegedly failed to assist insolvency practitioners to administer a failed company by not providing a report as to the affairs of the company, company books and records and assistance when requested;
company officers themselves and their companies for allegedly failing to update ASIC registers with the addresses of their companies and company officers;
people who are alleged to have used company titles when no such company was registered by ASIC.
If you are being investigated by ASIC you will need to firstly comply carefully with ASIC’s requirements – failure to comply to an order to produce company books for example may result in you being charged with an offence under s.63 of the ASIC Act which carries a maximum two year prison term.
William Vahl of North Shore Criminal Law regularly appears in these local courts.