From 1 July 2012, all insolvency notices must be registered with the Australian Securities and Investments Commission (ASIC) on its new online register at www.insolvencynotices.asic.gov.au. Consequently, ASIC’s online register now serves as a comprehensive noticeboard of companies’ affairs in relation to insolvency. More importantly, it provides important information for creditors.
What Information is Included on ASIC’s Online Register?
The online register will contain the following notices:
- notices of winding up applications;
- notices of insolvency appointments;
- notices of creditors meetings;
- notices of intention to disclaim property;
- notices calling for proof of debts;
- notices of intention to declare dividends; and
- company de-registrations.
Using the Register
Anyone can search the register, all you need is a company’s ACN, current or previous trading name or information relating to the publication of a notice and you’re ready to start searching. To lodge an insolvency notice on the website, you will need to become a registered user. You can sign-up at the above website - it’s free and quick!
Dealing with the Changes
Creditors and businesses should familiarise themselves with the register and regularly monitor ASIC’s website to ensure:
- companies they have, or may have, dealings with are not insolvent, or in the process of being wound up;
- they remain up to date with important dates and events in the winding up process (i.e. creditors’ meetings);
- they can ascertain the declared assets of the company being wound up; and
- compliance with requirements to prove debts against the company being wound up.