RG 242
ASIC’s power to wind up abandoned companies
Issued 7 March 2022. This guide is for employees of abandoned companies who are owed employee entitlements and other interested persons, including creditors, administrators and liquidators.
In plain English
This guide explains ASIC’s power to wind up companies that have been abandoned by their directors.
RG 242 was issued on 7 March 2022. It helps employees owed entitlements, creditors, administrators, and liquidators. It explains when ASIC can wind up a company. This happens when directors abandon their responsibilities. The guide details ASIC’s process and considerations.
Why it matters
Directors must ensure their companies are properly managed. This guide highlights ASIC’s powers if directors fail to do so. It’s important for directors to understand their ongoing obligations.
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Issuing regulator
ASIC →Topics
Source: https://www.asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-242-asic-s-power-to-wind-up-abandoned-companies/. Rules Mate indexes + summarises; always verify against the regulator's live publication.