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Finance Broking Australia-regulatory guide 242 asic power to wind up abandoned companies

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Regulatory Guide 242 - ASIC’s power to wind up abandoned companies CPD

This guide is for employees of abandoned companies who are owed employee entitlements and other interested persons, including creditors, administrators and liquidators.

It explains when ASIC will use our power to wind up an abandoned company under Pt 5.4C of the Corporations Act 2001 (Corporations Act). ASIC has a discretionary power to wind up an abandoned company in certain circumstances: s489EA of the Corporations Act 2001 (Corporations Act).

ASIC will exercise this power to help employees of abandoned companies who are owed employee entitlements to access an advance under the Fair Entitlements Guarantee Act 2012 (Fair Entitlements Guarantee Act).

Employees of abandoned companies who are owed employee entitlements can lodge a request with ASIC to wind up the company.

ASIC can use its discretion to decide whether to wind up an abandoned company. They are not required to wind up an abandoned company in every situation.

In determining whether to exercise ASIC’s power to wind up a company, their primary consideration will be to facilitate employees accessing an advance. ASIC will then consider how government funding would best be used. They will generally not reinstate a company that has been deregistered in order to wind it up.

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