It appears that the Assetless Administration Fund (“AAF”) is getting an extra $1m per year for the next 3 years.
For those unaware, the AAF is a fund setup by #ASIC to finance investigations and reports by liquidators into the failure of companies with little to no assets.
The $1m increase to the AAF was revealed in the ASIC Portfolio Additional Estimates Statements 2017-2018 (“APAES”), which was released by #Treasury yesterday afternoon.
The reason given: to curb #illegalphoenix activity.
With the amount of time and resources required to even apply to the AAF, I have never been the biggest fan.
However, maybe now, considering the added resources available, it is worth exploring this option.
In other news, the APAES includes an added $5.882m for the purpose of the #RoyalCommission into misconduct in the banking, superannuation and financial services entities.
Seems a bit light on to me.
A link to the APAES follows: https://static.treasury.gov.au/uploads/sites/1/2018/02/p2018-261159v3.pdf.